GOLDPLAT PLC
ANNUAL REPORT
2023
REGISTERED OFFICE
Salisbury House, London Wall,
London, EC2M 5PS,
United Kingdom
Email: info@goldplat.com
WWW.GOLDPLAT.COM
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Chairman's Statement
CEO Report
CFO Report
The Board and Executive Management
Directors' Report
Statement of Directors’ Responsibilities
Strategic Report
Environmental and Social Report
Independent Auditor's Report
Statements of Financial Position - Group and Company
Statements of Profit or Loss and Other Comprehensive Income - Group
Statement of Changes in Equity - Group
Statement of Changes in Equity - Company
Statements of Cash Flows - Group and Company
Accounting Policies
Notes to the Consolidated and Separate Financial Statements
General Information
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Chairman's Statement
Goldplat PLC's precious metals processing facilities continued
to show resilience by achieving creditable trading results during
the 30 June 2023 year, during which it experienced some unique
challenges.
Our portfolio of core assets consists of two gold recovery
operations, in South Africa and Ghana, with plans to extend
operations to Brazil. These operations recover gold and
platinum group metals ('PGM') from by-products of current and
historical mining processing, thereby providing mines with an
environmentally friendly and cost-efficient way of removing
waste material.
Looking at the trading results of Goldplat PLC ("the Company"
or "Goldplat") and its subsidiaries, together referred to as "the
Group", profit for the year remained strong at GBP3,068,000
(2022 – GBP3,963,000), resulting in a return on invested
capital (Profit after Taxation divided by Total Equity) of 17.8%
(2022 – 22.3%). Cash generation across the Group continued
to be robust with net cash flows from operating activities of
GBP3,343,000 (2022 – GBP2,997,000) and net year end cash of
GBP2,781,000 (2022 – GBP3,895,000).
During the year the Group's operations have been impacted by:
• Increased electricity supply cuts in South Africa;
• Slow turnaround of debtors due to delays from a smelter in
Europe; and
• Delays in export of material out of Ghana during the last
quarter due to finalisation of the renewal of our Gold License.
The above matters have been mitigated after the financial year
end through utilising other smelters and the approval of the
Gold License in Ghana. In addition, we are in the process of
installing back-up diesel generation power in South Africa.
We remain focussed on long term visibility of earnings in
the recovery businesses by increasing visibility of resources
through the strengthening of partnership relationships and
improved processing methods, whilst positioning ourselves as
a service group focussed on key elements of primary producers'
Environmental, Social and Governance (ESG) initiatives. Our
key focus will remain on extracting value from gold bearing
by-products whilst we investigate broadening the commodity
spaces in which we operate and add value.
As indicated in the prior year, the Company will continue
to return cash in excess of operating and development
requirements to shareholders. Due to the challenges
experienced during the year, resulting in significant working
capital requirements, the capital invested into a new tailings
storage facility ("TSF") in South Africa and future capital
requirements to maintain operations as well as processing
of the old TSF, the Company did not distribute any cash to
shareholders during the year. We will continue to evaluate this
position and, when appropriate, will distribute cash through
either share repurchases or dividends, whichever the Board
believes will add the most value, to the shareholders.
Goldplat has a pivotal role to play in the circular economy that
extends to the extraction of minerals to re-processing of what
would typically be dumped as waste materials. It also extends
to responsible mining and business practices that underpin
Goldplat as a sustainable partner for large mining groups.
As referred to in the Strategic Report, the business has adopted
certain sustainability reporting principles in the current year
including profiling material matters through the application of
double materiality and linking these material issues to strategic
responses and performance metrics.
As a starting point, we have conducted materiality assessments
to identify where our highest level of sustainability impact could
be and in turn, linking these matters to our strategic response,
policies and performance management. We are committed to
creating measurable value for all our stakeholders towards a
just and socio-economic sustainable future.
Goldplat will continue developing its integrated sustainability
strategy and reporting practices. This process is ongoing, and
the Board will continue to monitor our obligations and make
sure that we meet or exceed expectations as we continue to
create and preserve value for all our stakeholders.
During the year the Group strengthened its executive
management team with the appointment of a Chief Operating
Officer (COO), Douglas Davidson, and Chief Financial Officer
(CFO), Brent Doster. The executive management team is well
positioned to execute the Company's strategy.
The Israel-Hamas and Russian-Ukraine conflict will continue
to pose challenges to global supply chains and whilst Goldplat
has no activities directly connected with Russia, Ukraine or the
Middle East, the long-term effect of the conflict on the Group
remains uncertain.
We look forward to continuing and building on the successes
of the past few years and increasingly realising and growing
the intrinsic value of Goldplat. I wish to thank all Goldplat's
employees, as well as my fellow directors, our advisors and our
shareholders for their efforts as we look forward to the coming
years with enthusiasm.
Gerard Kemp
Chairman
15 December 2023
1
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements CEO Report
Overview of operations
Goldplat is a mining services company, specialising in the
recovery of gold and other precious metals, from by-products,
contaminated soil and other precious metal material from
mining and other industries. Goldplat has a pivotal role to play
in the circular economy that extends the extraction of minerals
to re-processing of what would typically be dumped as waste
materials. Goldplat has two market leading operations in South
Africa and Ghana focused on providing an economic method
for mines to dispose of waste materials while at the same time
adhering to their environmental obligations.
Goldplat has been providing these services for more than
20 years mainly to the mining industry in Africa, but more
recently also in South America. Goldplat's extraction processes
and multiple process lines enable it to keep materials separate,
which provides a high degree of flexibility when proposing a
solution for a particular type of material. The processes which
are employed include roasting in a rotary kiln, crushing, milling,
thickening, flotation, gravity concentration, leaching, CIL, elution
and smelting of bullion. Goldplat recovery operations recover
between 1,500 ounces to 2,500 ounces monthly through its
various circuits and under different contracts. The grade,
recovery, margins and terms of contracts can differ significantly
based on the nature of the material supplied and processed. At a
minimum, 50% of material produced is exposed to the fluctuation
in the gold price, with the remainder of the production being
offset by corresponding changes in raw material costs.
The strategy of the Company, which also drives the key
performance indicators of management, is to return value to the
shareholders by creating sustainable cash flow and profitability
through:
• growing its customer base in Southern Africa, West Africa,
South America and further afield;
• strengthening its license to operate in the jurisdictions in
which it operates;
Goldplat has a JORC defined resource (see the announcement
dated 29 January 2016 for further information) over part of its
active TSF at its operation in South Africa of 1.43 million tons at
1.78g/t for 81,959 ounces of gold.
Since the resource estimate was completed, more than
1,000,000 tons of material have been deposited on the TSF.
Operating results
The recovery operations continued to deliver strong results
with profit after tax attributable to owners of the Company of
GBP2,798,000 (2022 – GBP3,555,000), a decrease of 21.3% from
the previous financial year.
The decrease was driven by increased electricity supply cuts
in South Africa, delays at the smelters in Europe and being
unable to export material from Ghana due to the delays in the
finalisation of Ghana's gold export license.
Before the 2020 financial year, the cashflow generated was
invested in sustaining and growing our mining portfolio in
Africa, which we exited during the 2021 financial year. Since
then, the Group has been focussed on the recovery operations
to increase visibility of earnings through:
• Growing its customer base and its raw material supply on site;
• Securing its license to operate through maintain licenses and
contained conditions; and
• Securing and extending our role in the circular economy by
expanding our business into other commodities.
Growing the customer base
During the year the Group retained all major woodchips and
byproduct suppliers and secured additional supplies of material
in Ghana and South America. A major supplier is defined as a
supplier that supplied a material amount of raw material to the
operations during the last financial year.
• forming strategic partnerships with other industry participants;
• leveraging its role in the circular economy to diversifying into
processing of platinum group metals ("PGM"), coal and other
commodities contaminated material;
• ensuring the sustainability of its operations from an
environmental, social and governance perspective; and
• optimising the value to be extracted from the processing of its
During previous years we removed low-grade surfaces
sources from various sites owned by different entities, whilst
during the year we secured a contract with DRDGOLD Limited
("DRDGOLD"), which provides us access to certain low-grade
soils. As a result, we have removed material from fewer
suppliers, although the quantity available from DRDGOLD
has meant that our security of supply for our milling and
carbon-in-leach circuits increased to more than 5 years.
2.2-million-ton, TSF.
Goldplat's highly experienced and successful management team
has a proven track record in creating value from contaminated
gold and other precious metals-bearing material.
The Group follows the responsible gold guidelines as set-out
by the London Bullion Mark Association ("LBMA") and our
processes are audited on a bi-annual basis, to provide further
comfort to its suppliers, partners and customers.
The nature of these materials to be removed from DRDGOLD
will vary in terms of the gold grade contained and the
recoverability of the gold contained through our circuits. The
analysis and processing of these materials to date has indicated
that it will be viable to remove and process at current cost and
price parameters.
Securing pipeline and developing alternative
reclamation resources
Product type
Low-grade surface sources
Woodchips
By-products
2
Units
2023
2022
South Africa
Ghana South Africa
Ghana
Number
Number
Number
1
6
5
0
0
12
5
6
5
0
0
6
CEO REPORTGoldplat PLC / Annual Report and Accounts 2023 The percentage contribution on different feed products to
operating margins in South Africa does fluctuate from month to
month but on average each product type contributes a third of
the margins for Goldplat Recovery SA ("GPL"), highlighting each
product's significance to the operations. In Ghana, Gold Recovery
Ghana ("GRG") margin is derived only from the different types of
by-products generated by current mining activities.
Although GPL has retained all contracts during the year the
consolidation continues in the South African gold industry;
mines are closing or are becoming more efficient in their
processing, resulting in reduced volumes and grade of
woodchips and by-products received.
As a result, GPL focus is to increase its share of the market
in South Africa, securing business of a major mining group
in South Africa it is not servicing currently and looking to
neighbouring countries to supplement current feedstock.
The focus of GRG in Ghana remains on opening the West African
market, specifically securing more feedstock out of Ivory Coast,
Mali and other countries. After year-end GRG received its first
supply from a mining group in Ivory Coast which provides
additional confidence on future supply out of this jurisdiction.
The Group continues to investigate and research different types
of discard and waste sources from industry to increase the
flexibility in the types of material it processes.
License to operate
Due to the nature of the recovery services the Group provides
and the commodities we recover, we require various licenses to
operate and need to comply with the conditions of these licenses.
During the year the group continued to invest cost and capital
to maintain these licenses and to ensure our operations comply
with these licenses.
During the year GRG renewed the Minerals Commission -
License to Purchase and Deal in Gold and the Environmental
Protection Authority License. The delay in the renewal of the
License to Purchase and Deal in Gold in Ghana had a significant
impact on GRG's ability to export material and as a result secure
material from suppliers.
The Department of Water and Sanitation of the Republic of
South Africa has authorised the water use licence of GPL during
June 2022 which includes the extraction and use of water in its
recovery processes and the impact of its disposal of tailings on
a new TSF, according to the conditions set out in the licence,
which is valid for 12 years. This has enabled GPL to construct a
new TSF that will provide an additional seven years of deposition
capacity.
Below is a summary of some of the major licenses required by
operations to operate in current jurisdictions:
License to operate
Valid until
2023
2022
South Africa
Ghana
South Africa
Ghana
Current licenses
November 2040*
January 2024
Expired*
Annual
2034
Annual
Annual
Annual
May 2026
Precious Metals
Refining License
Air Emissions
License
Mining Right
(expired* May 2023)
Radio-active License
Water Use License
Precious Metals
Import Permit
Precious Metals
Export Permit
Precious Metals
Refining License
Air Emissions
License
Mining Right
(expired May 2023)
Radio-active License
Water Use License
Precious Metals
Import Permit
Precious Metals
Export Permit
Ghana Freezone
Authority
Minerals
Commission -
License to Purchase
and Deal in Gold
Environmental
Protection
Authority License
Ghana Freezone
Authority
Minerals
Commission -
License to Purchase
and Deal in Gold
Environmental
Protection
Authority License
18 December 2025
New application
Waste License
* GPL does not require a mining right in South Africa to continue its operation and is conducting its operations under a Precious
Metals Refining License which only expires in November 2040. As GPL does not have an identified mineral deposit and does not
extract any ore from a mineral deposit, it could not renew its mining right per the Department of Mineral Resources and Energy
('DMRE'). We have applied to the relevant Government authorities to convert the existing environmental management plan in place
to an integrated environmental authorization and waste management licence. We await their response.
3
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Circular economy
Goldplat has a pivotal role to play in the circular economy that
extends to the extraction of minerals to re-processing of what
would typically be dumped as waste materials. It also extends
to responsible mining and business practices that underpin
Goldplat as a sustainability partner for large mining groups.
During the year all of our operating profit was derived from
the processing of discards or waste materials from historic or
current mining activities.
Goldplat believes that it can extend this pivotal role it is playing
in the circular economy to the gold industry in South America
and into other commodities including the platinum and coal
mining industry in South Africa.
As a result, we made a strategic investment of GBP150,000 to
obtain the usage of a small spiral plant for our gold operations
in South Africa and acquired a 15% shareholding in a fine coal
recovery technology company. Goldplat has an option to invest
an additional GBP1.5m, which will increase our shareholding in
that business to above 50%. This investment would be used to
operationalize the technology through the construction of a fine
coal washing plant in Mpumalanga, South Africa.
Management is still evaluating this option which would provide
us diversification in our recovery operations into a different
commodity, namely coal, of which significant resources are
available in South Africa, with opportunities not just for
processing but also for environmental rehabilitation.
During the year we invested capital to increase our ability
to process precious metal group minerals and engaged with
potential partners that can assist in increasing supply of
material out of the PGM industry.
In addition, the Group has decided to acquire land in South
America, specifically Brazil, a process which has not been
completed to date, at a value of circa GBP103,000. The decision
was driven by the need to establish an address in South America
from which we can service our clients. In time we plan to
increase operational plant capacity in Brazil to provide solutions
for lower grade material not processable at our other plants due
to the cost of transport to those facilities.
Tailings Facility
With the approval of the water use license, GPL constructed
a new TSF, which is adjacent to the current TSF, which was
completed in August 2023 and is currently being commissioned
over a period of 9 months. The new TSF has sufficient capacity
to store the tailings we will produce in our current operations
for the next seven years.
The new TSF has been constructed by using regulated synthetic
liner and design drainage which should enable more process
water to be re-used in the plant and reduce seepage and
contamination of ground water.
The new TSF allows us to divert all deposition from the current
facility, which will provide us with the ability to use the current
facility to recover the JORC resource through DRDGOLD. The
processing of our old TSF remains dependent on the approval
of the water use license over certain areas for the installation
of a pipeline to the DRDGOLD process facility. The application
process is ongoing with engineering designs being finalised
with final application to be done before end of December 2023.
Approval is estimated to be received within Q4 of the 2024
financial year.
DRDGOLD and Goldplat Plc are currently in the process of
evaluating different variables that will impact on the processing
of the TSF, as well as the commercials of doing so; this process
will be completed alongside the water use license. To enable
us to process the current TSF through a DRDGOLD facility,
we will require approval to install a pipeline to this DRDGOLD
processing facility (as indicated in paragraph above) and will
need to finalise commercial agreements with DRDGOLD.
Electricity Supply
During the year, the South African operation lost circa 13% of its
production hours due to electricity supply outages, which has a
significant impact on our lower grade circuits. The lower grade
circuits operate continuously, and any hours lost result in a loss
of production.
Due to the increased uncertainty of electricity supply in the
medium term, we have decided to invest in diesel generators
which will be able to sustain operations in South Africa during
electricity cuts. The capital cost of these investments will be
GBP750,000 and will be financed over 36 months with one of
our local banks. Based on 25% of available hours expected to be
lost during the next 24 months, we expect that the capital cost
of the generators will be recovered within 24 months. During
this year, we will also continue to investigate other options to
secure electricity supply, for example additional connections to
the local Municipality Grid or a new direct connection to Eskom
(South Africa Electricity Generator and Supplier); however, the
timelines of these options remain uncertain and unclear.
The diesel generators are expected to be operational by the end
of January 2024.
Anumso Gold Project – Ghana ('AG')
The gold mining license under the Anumso Gold ('AG') project
expired during March 2021 and was not renewed as was
the intention of the Company and the joint venture partner,
Desert Gold Ventures Inc. The investment in AG was disclosed
as a discontinued operation during the 2021 year. In that year
we were informed that mineral right fees since 2013 were
outstanding, which is still being disputed. None of the joint
venture partners intend to capitalise the AG project to settle the
claim and current AG liabilities exceed its assets by the minerals
right fees outstanding. The Company's share of outstanding
minerals right fees is GBP369,000 and this has been accrued in
prior years.
4
CEO REPORTGoldplat PLC / Annual Report and Accounts 2023CEO Report Continued Outlook
Our focus during the year has been, and will continue to be:
• to open up and expand our market share in West Africa and
further into the rest of Africa;
• to acquire land in Brazil, and expand our service delivery,
specifically on lower grade material in Brazil and elsewhere in
South America;
• increase our market share in South Africa and increase client
base in neighbouring countries;
Goldplat recognises the cyclical nature of the recovery
operations as well as the risks inherent in relying on short-term
contracts for the supply of materials for processing, particularly
in South Africa where the gold industry is in slow longer
term decline. These risks can be mitigated by improving our
operational capacities and efficiencies to enable us to treat a
wider range of lower grade materials and leveraging on our
strategic partnerships in industry to increase security of supply.
We will continue to seek materials in wider geographic areas. We
shall also keep looking beyond our current recovery operations
for further opportunities to apply our skillsets and resources.
• to reduce the of cost of production, specifically on our CIL
circuits in South Africa;
Conclusion
The last few years involved a lot of changes in Goldplat's
business as we have set out to increase sustainability and
growth of our recovery operations. I would like to compliment
Goldplat's employees, its advisors, my fellow directors and the
Company's shareholders not just for their efforts and support,
but for how they have embraced the changes and remained
focused on the opportunities they bring. This year we have seen
the benefit of these changes and the Board is looking forward
to building on this year's successes, creating opportunities
from the ever changing environment and returning value to
shareholders.
Werner Klingenberg
Chief Executive Officer
15 December 2023
• to agree commercial terms on the reprocessing of the TSF
with DRDGOLD and finalise the regulatory requirements
to allow us to pump material through a pipeline to the
DRDGOLD facility;
• leveraging our strength and capabilities through the
processing of other precious metals and commodities.
The recovery operations have nearly always been cashflow
generative and during the year we have utilised some of this
cashflow to build the new TSF in South Africa, support working
capital levels as a result of delays in renewal of our Gold licence
in Ghana and delays experienced on payment from a smelter
in Europe. The Company will remain focused on sharing future
cashflows with shareholders, specifically distributing cash
surplus (above Group's operational requirements and growth
plans) to shareholders.
The South African operations will continue to serve the South
African gold industry and will focus on sustaining profitability
from old mining clean-ups and as part of its diversification
strategy will continue investing capital into processing PGM's.
We are working with DRDGOLD to find the most economic
methods to reprocess TSF (which has a JORC Compliant
Resource of 81,959 ounces) and receiving environmental
approval for a pipeline which will be required to transport
material to a facility for processing.
5
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements CFO Report
Overview
Goldplat delivered another year of good results despite delays at the smelters in Europe, delays in finalising our gold export license in
Ghana, increased electricity supply cuts in South Africa and inflationary pressures.
Goldplat achieved a profit after tax of GBP3,068,000 (2022 – GBP3,963,000), a decrease of 22.6% from the previous year.
Revenue decreased by 3% to GBP41,881,000, whilst the average gold price during the year remained constant at USD1,829/oz (2022 –
USD1,833/oz).
The margins of the Group depend upon the volume, quality and type of material received, the metals contained in such material,
processing methods required to recover the metals, the final recovery of metals from such material, the contract terms, metals prices
and foreign currency movements. During the year, the gross profit margin decreased from 23.1% to 17.7%, which was driven by high
volume of high-grade low-margin batches processed in Ghana and impact of electricity supply cuts in South Africa, where less gold
was produced for the same fixed costs expensed. This was exacerbated by foreign exchange losses, which increased by GBP685,000.
The table below on the operating performance of the two recovery operations combined (excluding other Group and head office
cost, foreign exchange gains & losses, finance cost and taxes) reflects the ability of the recovery operations in South Africa and Ghana
to produce profitably at various gold prices and production levels for the last 5 years.
Average Gold Price per oz in US$ for the year
2023
1,829
2022
1,833
2021
1,846
2020
1,560
2019
1,263
Revenue
Gross Profit
Other (Loss)/Income
Administrative Costs
Operating Profit Before Finance Costs
Financial review
GBP'000
GBP'000
GBP'000
GBP'000
GBP'000
41,881
7,422
(96)
3,021
4,305
43,222
9,994
53
2,332
7,715
35,400
6,199
56
1,694
4,561
24,809
7,312
0
1,977
5,335
21,769
3,114
0
861
2,253
The major functional currencies for the Group subsidiaries are the South African Rand (ZAR) and the Ghana Cedi (GHS) whilst the
presentation currency of the group is Pounds Sterling (GBP). The average exchange rates for the year are used to convert the
Statement of Profit or Loss and Other Comprehensive Income for each subsidiary to Sterling.
As set out in the table below, the average ZAR and GHS weakened against the Pound Sterling by 5.8% and 55.0% respectively.
The exchange rates as at the end of the year are used to convert the balance in the statement of Financial Position. As set out in the
table below, the ZAR and GHS closing rate depreciated by 20.6% and 49.3% respectively, which resulted in the GBP3,231,000 loss on
exchange differences on translation during the year.
South African Rand (ZAR)
Ghanaian Cedi (GHS)
South African Rand (ZAR)
Ghanaian Cedi (GHS)
Average
Average
Closing 30 June 2023
Closing 30 June 2023
2023
GBP
21.43
13.7
23.87
14.60
2022
GBP
Variance
%
20.26
8.84
19.80
9.78
5.8%
55.0%
20.6%
49.3%
Apart from the gold price, the Group's performance is impacted by the fluctuation of its functional currencies against the USD in
which a majority of our sales are recognised. The average exchange rates for the year used in the conversion of operating currencies
against the USD during the year under review are set out in the table below:
South African Rand (ZAR)
Ghanaian Cedi (GHS)
Personnel
2023
USD
17.78
11.37
2022
USD
15.23
6.66
Variance
%
16.7%
70.7%
Average
Average
Personnel expenses increased by 11.6% to GBP5,214,000 (2022 - GBP4,674,000) during the year as a result of an increase in
production personnel from 394 to 415. The increase in personnel has been driven by an increase in production units and the
construction of the tailings facility in South Africa. We spent a total of GBP89,000 on various training programmes for our personnel.
6
CFO REPORTGoldplat PLC / Annual Report and Accounts 2023 Net finance loss
The net finance loss for the year can be broken down into the following:
Interest component
Interest receivable
Interest payable
Interest on pre-financing of sales
Intercompany foreign exchange income/loss
Operating foreign exchange losses
Net Finance Costs
Net finance costs decreased to GBP881,000 (2022 –
GBP1,884,000) during the year as a result of:
• Decrease in foreign exchange losses in operations of from
GBP1,071,000 to GBP221,000. During the prior year we
had a large foreign exchange loss in Ghana due to the
depreciation of the GHS against the USD during that year.
As we pre-finance a portion of our sales to the smelters, the
exchange rate on the day we receive most of our funds was
lower than the exchange rate on the day we recognise the
sale in our records.
• The Group has a USD loan outstanding to South Africa, at
year end the value was GBP1,183,000 (2022 - GBP2,395,000).
Due to the ZAR weakening against the USD and the USD
strengthening against the GBP, an unrealized profit was
created in the Group, which was the major contributor to
the intercompany foreign exchange income of GBP510,000.
As a result of delay in finalization of batches at a smelter in
Europe, the balance prefinanced increased and the year it
remained outstanding increased, resulting in an increase
in interest on pre-financing of sales to GBP956,000 (2022 -
GBP449,000).
The interest payable on borrowings relates to buy-back of the
minority share in GPL during the previous year and increased
as a result of the increase in the prime overdraft rate in South
Africa during the current year.
Taxation
During the year the income tax expense decreased by more
than 80%. This has resulted in a decrease in the effective tax
rate from 24.7% to 8.3%, which was driven by the following:
• Decrease in taxation rate of 15.59% for GPL, to 9.84%, due
to a change in the mining tax rate formula and a decrease
in profits resulting in a lower taxation rate based on mining
tax formula applied in South Africa;
• Decrease in GPL profits before taxation from GBP4,648,000 to
GBP2,781,000.
GRG is registered as a Free Zone company in Ghana and was
taxed at 15% (2022 : 15%) during the current year.
During the year, the dividend from GPL to the Company
incurred a withholding dividend taxation charge of 5%.
The withholding dividend tax for the year was GBP69,000
(2022 – GBP71,000).
2023
GBP
69,000
(283,000)
(956,000)
510,000
(221,000)
(881,000)
2022
GBP
0
(207,000)
(449,000)
(157,000)
(1,071,000)
(1,884,000)
Other comprehensive income
During the year the Group experienced a loss in foreign
exchange translation reserve of GBP3,231,000 and was primarily
made up of:
• Foreign exchange translation loss in GRG of GBP1,259,000 as
a result of devaluation of the GHS during the year against the
GBP by 49.3%; and
• Foreign exchange translation loss in GPL of GBP2,169,000 as
a result of devaluation of the ZAR during the year against the
GBP by 20.6%.
Property, plant & equipment
During the year we spent GBP1,911,000 on the acquisition
and construction of plant and equipment, mainly at GPL in
South Africa.
We incurred GBP1,480,000 in GPL, with the main contributors to
the capital expenditure in the current year being capital incurred
on the new TSF project of GBP969,000 and the refurbishment of
our oldest CIL circuit of GBP302,000.
We incurred GBP430,000 in GRG, of which GBP263,000 related
to the new milling, gravity and flotation circuit increase
recoveries from material received. This plant will start operating
by Q3 of 2024 financial year. A further GBP123,000 on yellow
equipment and GBP44,000 was incurred on the extension and
improvements to our laboratory.
Intangible Assets
The intangible assets relate to the goodwill on the investment
held in GMR and GPL. The balance has been assessed for
impairment by establishing the recoverable amount through a
value-in-use calculation, the detail of which has been disclosed
in note 5 of the financial statements.
Right-of-use asset
The right-of-use assets decreased during the year by
GBP224,000. The primary reason for the decrease is due to
assets with a value of GBP230,000 that were transferred to
property, plant and equipment, as they are now owned by GPL.
The Group acquired plant and machinery and vehicles on
finance leases for GBP146,000.
The remainder of the changes relate to amortisation for the
year and foreign exchange movements as indicated in note 19
of the financial statements.
7
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements During the year, the trade and other receivables increased by
GBP19,303,000, of which GBP11,328,000 relates to an increase
in GRG and GBP7,710,000 to an increase in GPL.
The increase in GRG was mainly due to the delay in outturn of
batches delivered to a smelter in Europe. In GPL, the reason for
the increase was similar although larger volumes of material
delivered to the smelters closer to the end of the financial year
also contributed to the year-on-year increase.
Provisions
In terms of section 54 of the regulations of the Minerals
Resource and Petroleum Act of 2002, in South Africa, a
Quantum of Financial Provisioning is required for activities
performed under mining lease. The Quantum was reassessed
during the current year and increased by GBP78,000.
Deferred tax liabilities
The deferred tax liabilities decreased during the year from
GBP1,013,000 to GBP531,000. The decrease is a result of a
reduction in the taxation rate used during the current year in
South Africa decreasing from 25.43% to 9.84%. The reduction
in tax rate is because the South African subsidiary is taxed on a
mining formula tax, which is driven by profitability margins and
capital spend. Due to reduction in profitability and increase in
capital invested, the tax rate reduced.
Interest bearing borrowings
In the prior year, GPL entered into a ZAR denominated bank
facility of ZAR 60 million (approximately GBP3.02 million) with
Nedbank, to finance the repurchase of shares from minorities
in South Africa. The full ZAR 60 million was drawn during the
first half of the prior year and the principal on the bank facility is
repayable monthly over 36 months. The interest payable on the
facility is the South African Prime Rate plus 1.75%.
GPL provided security over its debtors as well as a negative
pledge over its moveable and any immovable property, with a
general notarial bond registered over all movable assets. The
Group entered into a limited suretyship for ZAR 60 million,
in favour of Nedbank.
The balance outstanding on the reporting date was
GBP1,183,000 of which GBP898,000 is repayable in the next
12 months.
Refer to note 18 of the financial statements for further
disclosure.
Investment in Caracal Gold
During the year the Company sold all its shares in Caracal for a
total consideration of GBP681,000.
Receivable on Kilimapesa sale
GMR is entitled to receive a further 1% net smelter royalty on
all production from Kilimapesa up to a maximum of $1,500,000,
on any future production from Kilimapesa. As at the end of
the year, based on production at Kilimapesa, GBP601,000 is
receivable.
Loan receivable
As part of the repurchase of the minority's share, shares were
also issued to a new minority in South Africa, in the 2022 year,
Aurelian, a portion of which is payable from dividend proceeds.
The balance outstanding is GBP164,000.
Inventories
The increase of GBP8,086,000 in the inventory balance, relates
mainly to an increase of GBP7,991,000 in inventory at GRG.
Precious Metals on Hand
and in Process
Raw Materials
Consumable Stores
2023
GBP
2022
GBP
16,618,000
8,186,000
2,462,000
1,054,000
2,730,000
1,132,000
20,134,000
12,048,000
The increase in GRG inventory relates mainly to an increase in
precious metals on hand and in process of GBP7,938,000 driven
by the inability to export material due to delays in the renewal
of the gold export license.
The raw material stock is only held in South Africa, and relates to
the low-grade material processed through our Carbon-In-Leach
('CIL') circuits. During the year we've processed some of the high
grade, higher cost material, but stock levels remained the same.
With the agreement reached with DRDGOLD, by which we can
remove and process materials on DRDGOLD premises, we have
not just increased the availability of raw material for processing,
but also put GPL in a position to operate with lower levels of raw
materials at our premises.
Trade and other receivables
The Group's trade and other receivables fluctuates based on
grade and volume of batches and material processed during
different periods of the year in the two operating entities.
Apart from the gold bullion produced in South Africa, on which
payment is received within 14 days, for the remainder of the
concentrates we produce, the payment terms on average are
between 4 to 6 months.
8
CFO REPORTGoldplat PLC / Annual Report and Accounts 2023CFO Report Continued Trade and other payables
The increase in trade and other payables of GBP28,225,000,
was mainly driven by delays at a smelter in Europe and also the
delay of export material in Ghana, due to delay in the renewal of
our gold export licence.
In general, we pay our suppliers before we recover the value
from material processed and delivered to smelters or refiners.
Suppliers are either paid in full or a percentage of the balance is
paid until we receive our final results from refiners or smelters.
We receive external funding for material delivered to smelters
to finance this gap between receipts and payments. During
the year the balance funded increased as a result of delays at
smelter in Europe to GBP19,054,099 (2022 - GBP7,421,000).
The delay in exports resulted in increases in stock holding and
as result contributed to an increase in raw material accruals
payable to suppliers to GBP17,799,000 (GBP4,638,000).
Conclusion
Looking forward, we expect inventory, trade and other
payables and trade and other receivables to reduce as we
start exporting in the first quarter of the new financial year in
Ghana and realizing profits on these sales. We remain focused
on generating cash to fund our capital spend on compliance
projects as well as the generators and creating value for our
shareholders.
Brent Doster
Chief Financial Officer
15 December 2023
9
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements The Board and Executive Management
BOARD
WERNER KLINGENBERG
Chief Executive Officer (Appointed 2017)
Werner joined Goldplat in 2015 as Group Financial Manager.
Within this role he was integral in managing Goldplat's financial
and operational affairs. With his knowledge and understanding
of the Group's operations, he was appointed to the role of
Group Finance Director in 2017. Following a year as interim CEO,
he was appointed to the role of Group CEO on a permanent
basis in September 2019. Werner qualified as a Chartered
Accountant whilst serving his articles with Deloitte in South
Africa and has accrued significant commercial experience, both
within Southern Africa and at a wider international level, initially
working within the telecommunications and retail industries.
His extensive knowledge spans across audit and financial
management and systems.
GERARD KEMP
Independent Chairman (Appointed 2022)
Gerard Kemp held various positions in investment banking
and the mining industry, including the CEO of Kaouat Iron
Limited and the Head of the Pamodzi Resources Investment
Fund, where he founded Rand Uranium (Pty) Limited, before
founding M Squared Resources (Pty) Limited. He also served
as director of business development at Rand Merchant Bank,
where he spearheaded a number of South Africa's largest Black
Economic Empowerment transactions. He also served as head
of investment banking at BoE Merchant Bank and as head of
equities research at BoE Securities where he was twice rated
South Africa's top gold analyst. Gerard Kemp spent 22 years in
Anglo American's Gold Division, as a surveyor and as a mineral
economist.
SANGO NTSALUBA
Non-Executive Director (Appointed 2017)
Sango is the Chief Executive Officer and founder of Aurelian
Capital (Pty) Limited, an investment company which holds a
9.37 per cent interest in Goldplat Recovery (Pty) Limited. He has
built an illustrious career within South Africa, spanning over
30 years.
This includes successfully co-founding what is now known as
SNG-Grant Thornton, one of South Africa's Big 5 auditing and
accounting firms. Alongside a distinguished auditing career,
Sango has extensive corporate experience in areas that include
logistics, and the automotive industry. He currently serves as
an independent board of Barloworld Limited, a leading global
industrial company listed on the Johannesburg Stock Exchange
(JSE) and is the chairperson of the group's audit committee.
He also serves on the boards of Kumba Iron Ore Limited and
Pioneer Foods Group Limited.
GERARD KISBEY-GREEN
Independent Non-Executive Director (Appointed 2020)
Gerard has built an expansive career in the mining and related
financial industry, spanning over 30 years. After graduating as
a Mining Engineer in South Africa in 1987, he gained extensive
experience working in various management positions for a
number of the larger South African mining companies, including
Rand Mines Group and the gold division of Anglo American
Corporation. During this time, he worked on gold, platinum and
coal mines primarily in South Africa and also in Germany and
Australia. Gerard subsequently spent 17 years in the financial
markets, including five years as a mining equity analyst and
12 years in mining corporate finance. He has worked in South
Africa and the UK for banks including JP Morgan Chase, Investec
and Standard Bank. Gerard has extensive experience in IPOs,
capital raisings, M&A transactions and deals covering a great
diversity of commodities and geographic locations. He also has
experience in nominated adviser, broker and advisory roles.
He has worked extensively in Africa, particularly South Africa,
Western and Eastern Europe, the Middle East, Far East, Central
Asia and North America. After returning to South Africa as a
Managing Director with Standard Bank in 2009, Gerard left the
banking industry and joined Peterstow Aquapower, a mining
technology development company, as CEO in 2011, before
accepting a position in 2012 with Aurigin Resources Inc., a
privately-owned Toronto-based gold exploration company with
assets in Ethiopia and Tanzania, as President and CEO. Gerard
joined Goldplat PLC as a Non-executive Director in 2014 and
took over the role of Chief Executive Officer in 2015 a position
a resigned from during 2019. He joined Goldplat Plc again as a
Non-Executive Director in May 2020.
MARTIN OOI
Non-Executive Director (Appointed in 2021)
Martin is a qualified medical doctor, an experienced
entrepreneur and investor. He is the founder and Managing
Director of the Serkona Group of private limited companies
based in Australia with interests in multiple medical centres,
commercial properties, and other unlisted assets. As a director
of Goldplat PLC, his focus is on capital allocation decisions and
maximising of the per-share intrinsic value of the company.
Martin holds and previously held directorships in the last five
years in Daws Road Medical (Pty) Ltd, Ooi and Family Custodian
(Pty) Ltd, Ooi and Khoo Family One (Pty) Ltd, Ooi and Khoo
Family Pty Ltd, Ooi Family Investments Pty Ltd, Prema House
Medical Centre Management Group Pty Ltd, Prema House
Properties Pty Ltd, Serkona Investments One Pty Ltd, Serkona
Investments Pty Ltd, Serkona Medical One Pty Ltd, Serkona
Medical Pty Ltd, and Serkona Properties Pty Ltd.
He is a member of the remuneration committee which looks at
market norms regarding directors and executive remuneration
for recommendation to the board.
10
THE BOARDGoldplat PLC / Annual Report and Accounts 2023 EXECUTIVE MANAGEMENT
DOUGLAS DAVIDSON
Group Chief Operating Officer (Appointed May 2023)
Douglas is a Metallurgical Engineer (B. Eng Metallurgy) with
26 years of experience in the mining industry of which 23 years
have been in the diamond industry mainly in Namibia and
Lesotho. Douglas holds an MBA from the University of
Stellenbosch which he completed in 2015.
During his time in Namibia he was seconded from De Beers
to Namdeb where he held several senior positions which
included Group Metallurgical Lead as well as two Mine Manager
positions. He served on EXCO for 5 years out of the 15 years
at Namdeb. He played a key role in leading and developing
the metallurgical discipline to be fully localised. He led
multi- disciplinary operational teams to identify, develop and
implement improvement and optimisation strategies.
Recently Douglas held the position of Chief Technical Officer
at Namakwa Diamonds with a specific focus on the Lesotho
Operations at Kao Mine, operated by Storm Mountain
Diamonds. He played a key role in identifying, developing and
implementing value accretive and risk mitigating initiatives to
improve overall business performance.
BRENT DOSTER
Group Chief Financial Officer (Appointed February 2023)
Brent is a Chartered Accountant (SA) with over 20 years of
experience in financial management and administration in
Africa across the coal and gold mining sectors.
During this time, Brent has held a number of senior finance
positions in BHP Billiton, Anglo American, Asanko Gold and
most recently West Wits Mining. He has played a key role in the
deployment of a group wide ERP system to improve forecasting
and budgetary controls in those organisations as well as
leading the Company's procurement processes and commercial
negotiations to bring the Asanko Gold Mine into production on
time and under budget.
Most recently, he was Group Finance Manager at West Wits
Mining. He holds an Honours Bachelor of Accountancy degree.
11
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements
Directors' Report
The Directors present their report together with the audited
financial statements of the Group for the year ended 30 June
2023.
A review of the business and risks (including those relating
to financial instruments) and uncertainties is included in the
Strategic Report Results.
The Group reports a pre-tax profit from continued operations of
GBP3,424,000 (2022 - GBP5,831,000) and an after-tax profit of
GBP3,068,000 (2022 - GBP3,963,000).
Major events after the reporting date
There were no major events that occurred after the reporting
date.
Dividends
No dividend is proposed in respect of the year ended 30 June
2023 (2022 - GBPNil per share).
Share buy-back
No share buy-backs during the year ended 30 June 2023 (2022:
GBP400,000).
Political donations
There were no political donations during the year (2022 - GBPNil).
Corporate governance
Chairman's Corporate Governance Statement
Goldplat adopted the QCA Corporate Governance Code as
its recognised corporate governance code (pursuant to the
requirements of the AIM rules) and this statement, and other
disclosures throughout these financial statements, are presented
pursuant to that code. The application to Goldplat's corporate
governance of the ten principles of the QCA Code are further set
out on Goldplat's website, www.goldplat.com, under Corporate
Governance, as envisaged in the QCA Code.
It is the Chairman's responsibility to establish and monitor
effective corporate governance. Each member of the Board
believes in the value and importance of good governance
practices in promoting the longer-term development of the
group. The Board considers that it does not depart from any of
the principles of the QCA Code and recognises that monitoring
and developing its governance structure is a continuous process.
We actively take account of the views of our shareholders and
professional advisers in considering our practices.
Risk management
The Company's business model is set out in this Annual Report,
whilst the Strategic Report sets out the strategy and the principal
risks and uncertainties, together with the steps taken to promote
the success of the Company for the benefit of members as a
whole.
The Board reviews progress both in terms of delivery of key
strategic initiatives and the financial performance of the
operating entities on at least a quarterly basis. In this, the Board
actively seeks to identify and mitigate risks of the Group and its
businesses.
12
Set out in the Annual Report under The Board are biographies
of each director including their experience's relevance to their
responsibilities at Goldplat, whether they are independent and
their length of service as directors of the Company. The number
of meetings of the Board and the attendance record is set out in
the Directors Report. The activities of the board committees are
reviewed below.
Each director is expected to keep their skillsets up-to-date and
relevant to Goldplat through continual development, both within
Goldplat and from other business interests, as well as through
membership of relevant professional bodies.
No external assessment of board performance was undertaken
during the year, however, the views of shareholders are taken
into account.
The Board has established an audit committee and a remuneration
committee with formally delegated duties and responsibilities:
• Audit Committee Report
The Audit Committee members are Gerard Kemp and Sango
Ntsaluba. Gerard is an investment banker and Sango is a
Chartered Accountant (SA). The committee's terms of reference
are available on the website. The Audit Committee met twice
during the year ended 30 June 2023 to discuss planning of the
annual audit and matters arising from the audit. Representatives
from the auditors were in attendance.
The Audit Committee reports verbally to the full board ahead
of the Board approving the accounts for the year in relation to
matters arising from the audit which have been raised by the
auditors. The Audit Committee did not undertake a separate
review of risk identification and risk management across the
group as these matters (including the separation of executive
responsibilities) are considered by the whole board on a regular
basis, at least quarterly.
The Group's auditors, PKF Littlejohn LLP, were appointed in 2023
and provide no other services to the Group. The two principal
operating entities are separately audited by local firms and their
work is subject to review by the Group auditor under guidelines
of International Standards on Auditing (UK) (ISAs (UK)) and
applicable laws.
The two Audit Committee meetings held during the year were
attended by both members.
• Remuneration Committee Report
The Remuneration Committee members are Gerard Kisbey-
Green and Martin Ooi. The committee's terms of reference
are available on the website. The committee met twice during
the year. The Committee's recommendations are reported to
the full board, but it does not prepare a written report. Any
recommendations are subject to approval by the whole board.
Goldplat seeks to retain and incentivise an effective executive
management team capable of delivering on the Group's
operational requirements as well as its strategic goals. To
this end, it is the Group's policy to have clear and simple
remuneration structure, in line with many companies on the
AIM market of a comparable size. Under this, executive directors
receive base salaries and may, on a discretionary basis, receive
performance related pay as approved by the non-executive
directors.
DIRECTORS' REPORTGoldplat PLC / Annual Report and Accounts 2023 The Company provides independent professional and legal
advice to all Directors where necessary, to ensure they are
able to discharge their duties. In addition, all Board members
have access to the services of the Company Secretary, who is
responsible for ensuring all Board procedures are complied
with.
All executive directors are appointed on a full-time basis and are
actively involved in the running of the business. Non-executive
directors are required to attend a board meeting quarterly, as a
minimum and have made themselves available to support the
executive directors.
Directors' Performance
The Board's performance is measured principally by the
financial results and by the operations' performance regarding
environmental, health and safety and other regulatory
requirements and takes into account feedback from
shareholders which is regularly received through shareholder
meetings and correspondence.
The two remuneration committee meetings held during the year
were attended by both members.
During the year, four board meetings were held. All the board
meetings were attended by all the board members.
Additionally, as a longer-term incentive, seeking to align the
interests of executive directors over the medium term with
those of shareholders, on a discretionary basis, executive
directors may be granted options to acquire ordinary shares in
the Company. It is the Company's practice that option awards
are made at market price at the time of award and vest and
become exercisable over a year (usually three years) sufficient
to ensure a balance between incentive for the executive and
outcome for shareholders.
The executives' salaries take into account the individual's
responsibilities within the Group and their professional and
technical qualifications, in the context of where the Group
operates.
The Group's parent is traded on a public market in the UK and
the executive directors' remuneration is referenced to their
responsibilities as directors of a UK incorporated company
traded on a public market in the UK. The Group has no
operations or employees in the UK. The Group's operating
entities are in South Africa and Ghana, with each having
significantly different remuneration references than the UK,
where it employs over three hundred locally based employees.
In this context, a comparison of the total pay of the highest paid
director to the average pay of all Company employees is not
considered to be meaningful as an assessment of the pay of the
highest paid director. Executive directors' employment contracts
provide for six months' notice of termination on either side.
Director's performance
Board
The responsibilities of the Chairman include the following:
• providing leadership to the Board, ensuring its effectiveness
in all aspects of its role and setting its agenda;
• ensuring that adequate time is available for discussion of all
agenda items;
• ensuring that the Directors receive accurate, timely and clear
information;
• ensuring effective communication with shareholders;
• promoting a culture of openness and debate by facilitating
the effective contribution of the Board of Non-Executive
directors in particular; and
• ensuring constructive relationships between the Executive
and Non-Executive Directors.
13
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Directors' interests
The beneficial interests of the Directors holding office during the 2023 financial year in the issued share capital of the Company were
as follows:
M S Robinson
M Ooi
S S Ntsaluba
W Klingenberg
G Kisbey-Green
Number of
ordinary
shares
of 1p each
30 June 2023
Percentage
of issued
share
capital
Number of
ordinary
shares
of 1p each
30 June 2022
Percentage
of issued
share
capital
400,000
0.24%
400,000
48,403,801
28.85%
48,403,801
425,000
150,000
1,333,334
0.25%
0.09%
0.79%
425,000
150,000
1,333,334
0.24%
28.85%
0.25%
0.09%
0.79%
No other director had a beneficial interest in the share capital of the Company.
Directors' remuneration and service contracts
Details of directors' emoluments are disclosed in note 23 of the financial statements.
2023
GBP'000
M S Robinson
W Klingenberg
G Kisbey-Green
G Kemp
S Ntsaluba
M Ooi
Salaries
GBP'000
Fees
GBP'000
Other
GBP'000
Total
GBP'000
–
178
–
–
–
–
15
–
38
28
30
30
178
141
–
62
–
–
–
62
15
240
38
28
30
30
381
Management fees of GBP16,802 (2022: GBP16,669) were paid during the reporting year by GPL to its minority shareholders, in which
SS Ntsaluba has ultimate shareholding.
2022
GBP'000
M S Robinson
W Klingenberg
G Kisbey-Green
N G Wyatt
S Ntsaluba
M Ooi
Directors' options
Salaries
GBP'000
Fees
GBP'000
Other
GBP'000
Total
GBP'000
–
181
–
–
–
–
45
–
30
22
30
21
181
148
–
3
–
–
–
–
3
45
184
30
22
30
21
332
No directors' of the Company exercised options during the year (2022: Nil).
Directors' indemnities
The Company maintains Directors' and officers' liability insurance providing appropriate cover for any legal action brought against
its' Directors and/or officers.
14
DIRECTORS' REPORTGoldplat PLC / Annual Report and Accounts 2023Directors' Report Continued Going concern
Licencing
The directors assessed that the Group is able to continue in
business for the foreseeable future with neither the intention
nor the necessity of liquidation, ceasing trading or seeking
protection from creditors pursuant to laws or regulations.
The assessment of the going concern assumption involves
judgement, at a particular point in time, about the future
outcome of events or conditions which are inherently uncertain.
The judgement made by the directors included the availability of
and the ability to secure material for processing at its plants in
South Africa and Ghana, the impact of loss of key management,
outlook of commodity prices and exchange rates in the short
to medium term and changes to regulatory and licensing
conditions.
During the year the Group maintained all our suppliers in South
Africa and Ghana for by-product material and increased our
footprint in the South American market. Further progress has
been made in securing additional contracts in West Africa.
With a secured supplier base and more than 5 years of surface
sources on site or on contract, management believes that it will
be in a position to operate sustainably for the foreseeable future.
For the 2023 financial year, the Group achieved positive
operating profits.
The Department of Water and Sanitation of the Republic of
South Africa recently authorised the water use licence of GPL,
which includes the abstraction and use of water in its recovery
processes and the impact of its disposal of tailings on a new
tailings' storage facility ("TSF"), according to the conditions set
out in the license, which is valid for 12 years.
The new TSF is being commissioned and the commissioning
process is expected to be completed by April 2024. The new TSF
will have sufficient capacity to store the tailings we will produce
in our current operations for the next seven years.
Ghana's EPA and gold export license were also recently renewed
for another 3 years.
To assess the ability of the Group to continue as a going
concern, management also needs to assess GPL's ability to meet
all relevant covenants, for the foreseeable future, with regard
to the South African Rand Denominated bank facility of ZAR60
million.
For the past financial year, GPL met all of its covenant
requirements. At the statement of financial position date, GPL
still had GBP1.2 million outstanding on the facility.
The Group's forecasts and projections to 31 December 2024,
taking account of reasonably possible changes in trading
performance, commodity prices and currency fluctuations,
indicates that the Group should be able to operate within the
level of its current cash flow earnings forecasted for at least the
next twelve to fourteen months from the date of approval of the
financial statements.
The directors have a reasonable expectation that the Group
has adequate resources to continue in operational existence
for the foreseeable future, thus continuing to adopt the going
concern basis of accounting in preparing the annual financial
statements.
The Group's operations in Ghana and South Africa are
dependent on various licences and licensing requirements
to carry out its operations. The Group ensures they comply
to all reporting requirements under said licensing conditions
and remain in good standing with authorities governing these
licenses. Currently, all of Gold Recovery Ghana Limited's licenses
have been renewed.
Although GPL's mining right expired in May 2023, GPL does
not require a mining right in South Africa to continue its
operation and is conducting its operations under a Precious
Metals Refining License which only expires in November 2040.
As GPL does not have an identified mineral deposit and does
not extract any ore from a mineral deposit, it could not renew
its mining right per the Department of Mineral Resources and
Enegry ('DMRE'). We have applied to the relevant Government
authorities to convert the existing environmental management
plan in place to an integrated environmental authorization and
waste management licence. We await their response.
During the year under review, the water license for the South
African operations was approved.
Employees
The directors have a participative management style with
frequent direct contact between junior and senior employees.
A two- way flow of information and feedback is maintained
through formal and informal meetings covering the Group
performance.
Financial instruments risk
Details of risks associated with the Group's financial instruments
are given in note 33 of the financial statements. The Company
does not utilise any complex financial instruments.
On behalf of the board
Werner Klingenberg
Director
15 December 2023
15
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Statement of Directors' responsibilities
The Directors are responsible for preparing the Annual Report
and the financial statements in accordance with applicable laws
and regulations. Company law requires the Directors to prepare
financial statements for each financial year. Under that law
the Directors have elected to prepare the Company financial
statements in accordance with UK-adopted International
Accounting Standards and applicable laws. Under company law
the Directors must not approve the financial statements unless
they are satisfied that they give a true and fair view of the state
of affairs of the Group and Company and of the profit or loss of
the Group for that year.
In preparing these financial statements, the Directors are
required to:
Going concern
The Directors have prepared and reviewed financial forecasts.
After due consideration of these forecasts and current cash
resources, the Directors consider that the Company and
the Group have adequate financial resources to continue in
operational existence for the foreseeable future (being a year
of at least 12 months from the date of this report), and for this
reason the financial statements have been prepared on a going
concern basis.
Statement of disclosure to auditor
So far as the Directors are aware:
• there is no relevant audit information of which the Group's
• select suitable accounting policies and then apply them
and Company's auditor is unaware; and
• all the Directors have taken steps that they ought to have
taken to make themselves aware of any relevant audit
information and to establish that the auditors are aware of
that information.
Auditor
PKF Littlejohn LLP were appointed as auditors on 12 July
2023 after the Board passed a resolution approving their
appointment.
On behalf of the board
Werner Klingenberg
Director
15 December 2023
consistently;
• make judgements and accounting estimates that are
reasonable and prudent;
• state whether they have been prepared in accordance with
UK-adopted International Accounting Standards subject
to any material departures disclosed and explained in the
financial statements; and
• prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any
time the financial position of the Company and enable them
to ensure that the financial statements comply with the
requirements of the UK Companies Act 2006. They are also
responsible for safeguarding the assets of the Company and
hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
Website publication
The Directors are responsible for ensuring the Annual Report
and the financial statements are made available on a website.
Financial statements are published on the Group's website in
accordance with legislation in the United Kingdom governing
the preparation and dissemination of financial statements,
which may vary from legislation in other jurisdictions. The
maintenance and integrity of the Group's website is the
responsibility of the Directors. The Directors' responsibility also
extends to the ongoing integrity of the financial statements
contained therein.
16
DIRECTORS' REPORTGoldplat PLC / Annual Report and Accounts 2023 Strategic Report
The directors present their Strategic Report for the group for the
year ended 30 June 2023.
The Strategic Report is a statutory requirement under the UK
Companies Act 2006 (Strategic Report and Directors' Report)
Regulations 2013 and is intended to provide fair and balanced
information that enables the directors to be satisfied that they
have complied with s172 of the UK Companies Act 2006 which
sets out the directors' duty to promote the success of the Group.
Main Objects and Future Development
The Group's main objective is to recover gold and other precious
metals from by-products discarded by primary producers and
in doing so, to return value to and provide an environmental
solution for the primary producers. Strategically we shall
continue to look beyond our current recovery operations for
further opportunities to apply our skillsets and resources.
The Group's aim remains to return value to shareholders
through the strengthening of the sustainability of cashflow and
profitability through; growing its customer base in South Africa,
West Africa and further afield; increasing its ability to process
lower grade contaminated material through investing into and
improving processing methods; forming strategic partnerships
in industry; diversifying into processing of PGM contaminated
material; and finding a final deposition site for, and optimizing
the processing of the TSF material.
Principal Activity
The Group's operating businesses are based in Africa and
comprise the production of gold and other precious metals,
by processing by-products of the mining industry. The Group
sources material to process not only in the African continent,
but also from gold producing countries outside Africa.
The Group's primary operating base is situated near Benoni on
the East-Rand gold field in South Africa. As well as producing
gold, silver and platinum group metals from the by-products
of the mining industry, support for the Group's operating
subsidiary in Ghana is provided from South Africa. This business
is 91% owned by the Group.
The Group's Ghana operation based in the Freeport of Tema
continues to develop as a processing hub to service gold
producing clients internationally and fully utilise the advantages
of the low tax rates in the country's Freezone.
Review of business and financial performance
Information on the operations and financial position including
our analysis of our key performance indicators of the Group is
set out in the CEO and CFO Report, Chairman's Statement and
the annexed financial statements.
The Board regularly reviews the risks to which the Group
is exposed and ensures through its meetings and regular
reporting that these risks are minimised as far as possible. The
material matters below are the principal risks and uncertainties
identified by Goldplat.
Material Matters
Material matters are those that can impact the Company's
ability to create value in the short, medium and long-term as
well as topics that reflect our impact in terms of economic,
environmental and social (inclusive of human rights) issues.
We embarked on a formal materiality determination process in
the current year that included a materiality workshop for the
FY2023 reporting year. This process allowed us to adopt the
double materiality approach that takes into account both the
financial impacts as well as our impact on the economy, society
and environment of the risks and opportunities that are relevant
to our business.
Our process of determining material issues
We consider a matter to be material if it substantively affects
our ability to create value over the short, medium, and long-
term and/or has a significant impact by Goldplat on the
economy, society, or the environment.
We have reviewed and applied the following lenses in the
determination and assessment of our material matters:
• Risk register - Analysed Goldplat's risks, including year on year
movement;
• Peer group analysis - Analysed Goldplat's material matters
against a selected peer group;
• Investor relations reports - Analysed reports from investor
relations and identified pertinent ESG matters;
• Stakeholder engagements - Analysed minutes of meetings
from stakeholder engagements and extrapolated ESG
matters;
• Sector trends and thought leadership - Analysed industry
trends to identify current risks and opportunities.
Once we determined matters that are material from a
stakeholder, operating environment and an enterprise risk
perspective, we consolidated these matters into the Goldplat
material matters profile that in turn informed our strategic
response and direction to these matters.
Our top material matters
The context of each material matter together with associated
relevant stakeholder groups impacted, and strategic responses
have been set out in the table below:
17
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements n
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26
STRATEGIC REPORTGoldplat PLC / Annual Report and Accounts 2023Strategic Report Continued
Principal decisions by the Board during the year
under review:
We define principal decisions as both those that have long-term
strategic impact and are material to the Group, but also those
that are significant to our key stakeholder groups. In making the
following principal decisions, the Board considered the outcome
from its stakeholder engagement, the need to maintain a
reputation for high standards of business conduct and the need
to act fairly between members of the Company.
During the previous year the directors decided to:
• Increase the Group's interest in GPL, its principal operating
subsidiary, from 74% to 90.63% through the buy-back by GPL
of GPL shares from its minority shareholders.
• Obtain finance through a South African Rand denominated
bank facility of ZAR 60,000,000 (approximately GBP3,020,000)
provided by Nedbank, of which 50% was drawn within the
30 days and the remainder in 90 days.
• Conditional on the share repurchase from Amabubesi and
Dartingo occurring, GPL has issued 4.90% shares in GPL (after
the share repurchase) to Aurelian, a company controlled by
Mr Sango Ntsaluba, in order to maintain a BEE partner in GPL
and to reduce the cost to the Group of the share repurchase
transaction.
These transactions result in a reduction in the Black Economic
Empowerment ownership of GPL. However, none of GPL's
current licenses to operate are impacted by these changes.
Nonetheless, the Group and GPL remain cognisant of South
African government policy to advance economic transformation
and enhance the economic participation of black people in
South Africa and will continue to look at means to do so through
ownership, management representation, development of
employee skills, local enterprise development and participation
in local socio-economic development.
During the current year the Board's focus was predominantly
on sustainability of the current operations in Ghana & South
America, including the security of our license to operate in
different jurisdictions, maintaining our customer and supplier
base, increasing market share in South Africa, West Africa and
South America.
During the year the Board made the following strategic
decisions in regard to growth although investments made into
these areas has not been significant:
• To acquire land in South America, specifically Brazil, a process
which has not been completed to date, at a value of circa
GBP103,000. The decision was driven by the need to establish
an address in South America from which we can service our
clients. In time we plan to increase operational plant capacity
in Brazil to provide solutions for lower grade material not
processable at our other plants due to the cost of transport to
those facilities.
• During the year we made a strategic investment of
GBP150,000 to obtain the usage of a small spiral plant
for our gold operations in South Africa and acquire a 15%
shareholding in a fine coal recovery technology company.
Goldplat has an option to invest an additional GBP1.5 million,
which will increase our shareholding in that business to above
50%. This investment would be used to operationalize the
technology through the construction of a fine coal washing
plant in Mpumalanga, South Africa. Management is still
evaluating this option which would provide us diversification
in our recovery operations into a different commodity, namely
coal, of which significant resources are available in South
Africa, with opportunities not just for processing but also for
environmental rehabilitation.
• The board believes that both investments support the role we
aim to play in the circular economy in various jurisdictions,
whereby we maximize commodities recovered from waste
material left behind by primary mining. We also believe that
these activities should improve the impact left by primary
mining and through doing so create more opportunities for
communities.
• As a result of the electricity supply cuts during the year the
Board decided to supplement current electricity supply with
onsite diesel generators at a cost of GBP750,000. Refer to the
CEO's report for further considerations in regards with the
decision.
On behalf of the board
Werner Klingenberg
Director
15 December 2023
27
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Environmental and Social Report
Environmental and Social Impact Report
Goldplat is committed to sustainable development and recognises that the long-term sustainability of our business is dependent
upon not just the responsible stewardship in the protection of the environment but also the impact that our activities have on all
stakeholders involved.
Streamlined Environmental Report
The long-term sustainability of our business is dependent upon responsible stewardship in both the protection of the environment
and the efficient management of the sourcing, processing, extraction and depositing of by-products or other contaminated material,
and the sustainable use of resources for the benefit of all our stakeholders.
The responsible and sustainable management of the environment is part of the core of our business, being the processing and
recovery of gold and PGM's from mine waste, slag, fine carbons and other by-products, effectively rehabilitating environments
impacted by historical mining operations.
However, we are aware that the Company can, and we do endeavour to improve our waste minimisation measures and energy
efficiencies, manage and mitigate the impact on natural ecosystems and ensure effective and appropriate land rehabilitation in areas
we operate.
Climate change - carbon & resilience
The impacts of climate change will have a direct impact on our operations over time, specifically in South Africa. We have a water and
energy intensive operation, and drought conditions can impact on availability of water, whilst flood conditions can have a significant
impact on our infrastructure, specifically our tailings deposition facility. The energy usage might attract a carbon emissions charge in
a form that will either increase our cost base or reduce our ability to operate.
We are considering and reviewing these potential impacts on a continuous basis. The construction of the new TSF has been
completed on an engineering sign-off design and the necessary quality control applied during the construction process. We have
also contracted qualified management to oversee the deposition into the new tailings facility to ensure stability and safety factors are
maintained. We have made a decision to reprocess the old TSF through a third-party plant after which it will be deposited on the third
party TSF.
The construction of the new TSF should also improve the percentage of water returned to our processes reducing our dependence on
water from utility providers. Further to above, we also improving our storm water management, to separate clean and process water
more effectively and also capture storm water out of our plant for re-use.
Due to the increased uncertainty of electricity supply in the medium term, we have planned to invest in diesel generators which will
be able to sustain operations in South Africa during electricity cuts. As a result of the limited supply and stability of the infrastructure
to our facility, solar and other renewable electricity supply was not considered a viable option at this stage.
Energy Consumption and Greenhouse Gas Emissions
During the year the energy consumption used at our operations in South Africa and Ghana, including the fuel burned in our plant or
mobile heavy-duty and other vehicles, was 20.330GWh, which resulted in emissions in the order of 20.725tCO2e.
The energy consumption and emissions were determined based on the electricity consumed per metered municipality supply, and
internal fuel usages. The fuel used by external parties to transport material to our premises for processing has not been included in
our energy consumption and emissions data.
For the emissions intensity ratio we use revenue as a quantifiable factor, as revenue should reflect the fluctuation we experience in
supply of material, which will also drive increases or decreases in our energy consumptions and emissions.
Energy Consumption
20.330Gwh
0.49kwh/Revenue
19.034Gwh
0.43kwh/Revenue
Greenhouse Gas Emissions
20.725tCO2
0.49kg/Revenue
22.634tCO2
0.52kg/Revenue
2023
2022
Measurement
Intensity Ratio
Measurement
Intensity Ratio
The reduction in the greenhouse gas emissions during the year is because of electricity supply cuts, which reduced the operating
hours of our energy intensive circuits. Our revenue during the year was supported with high grade, high value materials of which
processing is not that energy intensive.
The methodology followed to compile the data includes the UK Environmental Reporting Guidelines (Defra, 2019), whilst we also used
to make use of the South African Technical Guidelines for Monitoring, Reporting and Verification of Greenhouse Gas Emissions by
Industry (2017) for determining some GHG emission conversion factors.
28
STRATEGIC REPORTGoldplat PLC / Annual Report and Accounts 2023 Water and waste management
The various recovery processes used to extract value from the waste material processed require the use of water. The quantity of
water used in the processes depend on nature of the material and the recovery process used. The milling and Carbon-in-Leach
circuits in South Africa utilise the most water and we try and minimize these by recirculating the water used in the process back to
the plant.
During the year a new tailings facility has been constructed, although it has only been commissioned after year end. The base of the
facility has been lined with a synthetic liner, with designed drains installed to limit the seepage of water into the ground, but also
maximize the recovery and return of process water for re-use. This should increase the percentage of water that will be re-used in
our processes.
The water uses in our operation during the year is set-out in the table below:
Water management
Units
South Africa
Ghana
South Africa
Potable water sourced from utility providers
Surface and ground water extracted
Recycled water (recirculated water)
Other water sources
Total water used for processing
mega litres
mega litres
mega litres
mega litres
mega litres
202
0
0
0
202
0.017
0
0
0.12
0.137
167
0
0
0
167
Ghana
0.023
0
0
0.144
0.167
2023
2022
During the year the deposition to our TSF in South Africa reduced by 19% because of reduced processing capacity driven by electricity
supply cuts.
Conclusion
Our operations impact on the environment and its stakeholders is more than just our energy consumptions, greenhouse gas
emissions, tailings and water usage and extends to positive impacts around our circular economy and mine rehabilitation roles. We
will start building a database and establishing baselines in the year to come, to ensure we can appropriately monitor this over time,
set targets and develop strategies to reduce the impact of our businesses.
Our People
Our most significant social impact is the employment and growth opportunities that we offer to our 454 employees across our South
African and Ghanian operations. We strive to ensure that our employees are rewarded at a level of fair remuneration relative to
market and living wage levels as well as ensuring that there is no discrimination in pay levels.
The diversity of our people needs to reflect the population dynamics in the countries that we operate in from a gender and race
perspective. We do recognise that there are imbalances that need to be addressed at gender and senior manager levels but we do
celebrate the diversity that has been developed in our people.
Transformation & pay equality
Units
South Africa
Ghana
South Africa
Ghana
2023
2022
Permanent employees and full time equivalents
Contractors
#
#
348
23
2023
106
0
91
0
331
40
2022
Diversity - gender
Units
Male
Female
Male
Female
Male
Female
Male
Female
South Africa
Ghana
South Africa
Ghana
Local Board
Senior management
Management
Employees
#
#
#
#
3
3
53
250
0
1
13
25
3
5
6
85
0
0
1
6
3
3
53
234
0
1
12
25
3
4
4
76
0
0
0
4
29
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Environmental and Social Report Continued
Diversity - race
Units
Black
White
Black
White
Black
White
Black
White
2023
2022
South Africa
Ghana
South Africa
Ghana
Local Board
Senior management
Management
Employees
Group Board
#
#
#
#
2
2
39
271
1
2
27
4
0
5
7
91
3
0
0
0
2
2
35
256
1
2
30
3
0
4
4
80
3
0
0
0
Units
#
2023
Male
5
Female
0
2022
Male
7
Female
0
We also recognise that developing and retaining the talent that we require to execute against our strategy and growth aspirations
requires continued investment in the training and development of our employees all the way from basic education enhancements
and on the job training all the way through to business school and engineering qualifications.
Technical skills development
South Africa
Ghana
South Africa
Ghana
2023
2022
Employee training spend
Health and Safety
GBP56k
GBP33k
GBP43k
GBP19k
Health and safety are imperative in the mining sector and always a priority in training, standards and processes that we have
put in place across all of our operations. Whilst the nature of our operations above ground does not carry the safety risks of an
underground mining operation, we treat safety as a number one imperative and priority in everything we do.
Through the application of our safety policies and procedures we have had no fatalities in the past 2 years and limited reportable
injuries. Our lost time injury frequency rates are higher than expected as any on the job injuries do need to be treated offsite and
thus result in extended treatment down-time.
Health and safety
Number of fatalities
Reportable injuries
Lost Time Injury Frequency Rate (LTIFR)
Reportable Injury Frequency Rate (RIFR)
Units
South Africa
Ghana
South Africa
Ghana
2023
2022
Number
Number
Number
Number
0
15
13.5
1.37
0
3
4.35
0.77
0
13
11.7
1.07
0
4
16.29
1.2
30
STRATEGIC REPORTGoldplat PLC / Annual Report and Accounts 2023
Independent Auditor's Report to the members of Goldplat Plc
Opinion
We have audited the financial statements of Goldplat PLC (the 'Company') and its subsidiaries (the 'Group') for the year ended 30 June
2023 which comprise the Consolidated and Company Statements of Financial Position, the Consolidated Statement of Profit and Loss
and Other Comprehensive Income, the Consolidated and Company Statements of Changes in Equity, the Consolidated and Company
Statements of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and UK-adopted international accounting standards and as
regards the Company financial statements, as applied in accordance with the provisions of the Companies Act 2006.
In our opinion:
• the financial statements give a true and fair view of the state of the Group's and of the Company's affairs as at 30 June 2023 and of
the Group's profit for the year then ended;
• the Group financial statements have been properly prepared in accordance with UK- adopted international accounting standards;
• the Company financial statements have been properly prepared in accordance with UK-adopted international accounting
standards and as applied in accordance with the provisions of the Companies Act 2006; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities
under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our
report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit
of the financial statements in the UK, including the FRC's Ethical Standard as applied to listed entities, and we have fulfilled our other
ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the
preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Group's and Company's
ability to continue to adopt the going concern basis of accounting included:
• Obtaining management's cash flow forecasts for the going concern period being twelve months from the date of signing the
financial statements;
• Ensuring the mathematical accuracy of the cash flow forecasts;
• Comparing actual results post year-end to forecasts to assess the forecasting ability and accuracy of management;
• Holding discussions with management to understand the cash flow forecasts including the key inputs used and sources of these
inputs;
• Challenging management on the appropriateness of key assumptions and judgements used; and
• Identifying events subsequent to the year-end, which would be expected to impact the Group and Company and hence the
directors' assessment of going concern, and challenging management thereon to ensure that they had been factored into
management's assessment.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Group's or Company's ability to continue as a going concern for a period
of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of
this report.
Our application of materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. These,
together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our
audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements, both
individually and in aggregate, on the financial statements as a whole.
31
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Group financial statements
Company financial statements
Materiality for the
financial statements as
a whole
GBP 160,000
GBP 150,000
Basis of materiality
5% of Profit Before Tax ("PBT")
1% of Net Assets
Rationale Benchmark
We considered PBT to be the most relevant performance
indicator of the Group. This is because the users of Groups
financial statements are primarily shareholders and the Group
is not heavily reliant on external funding. Furthermore, the
Group is no longer in the "growth phase" and as such users of
the financial statements are concerned with the profitability of
the Group.
The Company operates primarily as
a holding company and as such, we
consider net assets as the key metric.
Rationale Percentage
The percentage applied to the benchmark has been selected to bring into scope all significant classes
of transactions, account balances and disclosures relevant for the shareholders, and also to ensure that
matters that would have a significant impact on the results were appropriately considered.
Performance
materiality (70%)
GBP 110,000
GBP 105,000
In determining performance materiality, we considered the following factors:
• management's attitude to correcting misstatements identified;
• our cumulative knowledge of the mining refinery industry and its specific trends;
• the consistency in the level of judgement required in key accounting estimates;
• the stability in key management personnel; and
• the level of centralisation in the Group's financial reporting controls and processes.
We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and
undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope of
our audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for example in
determining sample sizes.
For each significant component in the scope of our audit, we allocated a materiality based on the maximum aggregate component
materiality. The range of materiality allocated across components was between GBP150,000 and GBP110,000. Materiality for material
non-significant components of GBP 112,000 was calculated based on a percentage of Group revenue.
We agreed with the Audit Committee that we would report to them misstatements identified during our audit above GBP 8,000 as
well as misstatements below those amounts that, in our view, warranted reporting for qualitative reasons.
Our approach to the audit
In designing our audit, we determined materiality, as above, and assessed the risk of material misstatement in the financial statements.
In particular, we looked at areas involving significant accounting estimates and judgement by the directors and considered future events
that are inherently uncertain. We note that the Group has a material goodwill balance which is subject to impairment assessment. This
requires a significant amount of judgement by management. We also addressed the risk of management override of internal controls,
including evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.
We determined that of the seven subsidiaries of the Group there were five significant components, three of which were material.
A full scope audit was performed on the complete financial information of components which were assessed as material and
significant. No components were considered material but not significant.
For the remaining components not considered material, we performed a limited scope analytical review together with substantive
testing, as appropriate, on Group audit risk areas applicable to those components based on their relative size, risks in the business
and our knowledge of the entity appropriate to respond to the risk of material misstatement.
The two material and financially significant components were located in the Republic of South Africa and Ghana. The components in
these locations were audited by firms outside of the PKF network operating under our instruction. The Company audit was performed
in London, conducted by PKF Littlejohn LLP using a team with specific experience of auditing mining companies and publicly listed
entities. We interacted regularly with the component audit teams during all stages of the audit and we were responsible for the scope
and direction of the audit process. This, in conjunction with additional procedures performed, gave us appropriate evidence for our
opinion on the Group and Company financial statements.
32
INDEPENDENT AUDITOR'S REPORTGoldplat PLC / Annual Report and Accounts 2023Independent Auditor’s Report to the members of Goldplat Plc Continued Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to
fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the
audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key Audit Matter
How our scope addressed this matter
Revenue recognition (Note 2.11 and 22)
Revenue recognised in the year amounted to GBP 41,881,000
(2022: GBP 43,222,000).
Our work in this area included:
• Documenting our understanding of the internal control
The Group generates its revenue from the sale of precious
metals. The Group recognises this revenue when the metals are
delivered to the customer and the customer takes control of
the metals in line with the contractual terms.
environment in operation for material revenue streams and
undertaking walk-throughs to ensure that the key controls
within these systems have been operating in the period
under audit;
The sales price is estimated by management on a provisional
basis as 95% of market price at the end of the month in which
the material is delivered to the refiner. Consequently, there is
a risk that revenue is not recognised in accordance with IFRS
15 Revenue from Contracts with Customers. Specifically, there
is potential for cut off errors arising around the timing of
the recognition of revenue and accuracy errors arising from
the sales transactions which require estimated valuations to
conclude on pricing.
Inventory (Note 2.4 and 11)
The Group holds a material amount of inventory at year end of
GBP 20,134,000 (2022: GBP 12,048,000).
The Group's inventories comprise raw materials and precious
metals on hand and in process. Management must make an
assessment at each year end in order to establish whether
or not the carrying value of inventory is impaired, including
making estimates regarding costing, grade of ore and
gold prices.
• Reviewing a sample of contracts with customers to verify the
appropriateness of the Group's revenue recognition policy
and the requirements of IFRS 15;
• Substantive transactional testing of revenue recognised in
the financial statements by agreeing invoices to:
• third-party gold valuation documents;
• delivery documentation; and
• gold prices and exchange rates from independent sources
of information
• Assessing the appropriateness of the variable consideration
restraint applied in the recognition of provisional revenue;
• Verifying revenue recorded immediately before and after the
reporting date to the nominal ledger and assessing whether
revenue had been recorded in the correct period through
a review of the documentation relating to the independent
assay valuations and deliveries to ensure the recognition
criteria was met; and
• Reviewing the financial statements for appropriateness of
disclosures in accordance with IFRS 15.
Our work in this area included:
• Requesting component auditors attend the subsidiaries'
stocktakes to ensure that the stock exists, and the recording
of stock quantities is complete;
• Following up the stocktake attendance by confirming that
counted items are correctly included on the final stock sheets
and that any discrepancies arising are resolved;
• Discussing with management their methodologies for valuing
inventory to ensure these methodologies are consistent
across the Group and are in line with IAS 2;
33
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Key Audit Matter
How our scope addressed this matter
Accordingly, there is the risk that the value of inventory is
not accounted for in line with IAS 2 Inventories and is thus
materially misstated. Specifically, there is a risk that inventory:
• For a sample of stock items, reviewing purchase invoices and
the cost absorption work papers on a sample of inventory items
held at the year end to ensure that the prices used are accurate;
• has been valued using cost inputs and allocated overheads
which are not wholly attributable to its production;
• has been valued with inputs such as the volumes and grades
that are not supported by independent valuations from an
expert; and
• has fallen below its resalable value.
• For a sample of stock items, comparing the net realisable
value (NRV) (e.g., the post year-end sales price) to the cost
price on a sample of inventory items to ensure that inventory
is valued at the lower of cost and NRV;
• Reviewing slow moving inventory items and assessing
whether the provision for such items is complete and
challenging the judgements and estimates management
made in their calculation; and
• Reviewing the associated disclosures in the financial statements
and assessing the appropriateness of such disclosures.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's
report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the
group and parent company financial statements does not cover the other information and, except to the extent otherwise explicitly
stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or
apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial
statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the strategic report and the directors' report for the financial year for which the financial statements are
prepared is consistent with the financial statements; and
• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Company and their environment obtained in the course of the
audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to
you if, in our opinion:
• adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from
branches not visited by us; or
• the Company financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors' remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Statement of directors' responsibilities, the directors are responsible for the preparation of the Group
and Company financial statements and for being satisfied that they give a true and fair view, and for such internal control as the
directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the group and parent company financial statements, the directors are responsible for assessing the group and the
parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease
operations, or have no realistic alternative but to do so.
34
INDEPENDENT AUDITOR'S REPORTGoldplat PLC / Annual Report and Accounts 2023Independent Auditor’s Report to the members of Goldplat Plc Continued Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is
a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities, including fraud is detailed below:
• We obtained an understanding of the Group and Company and the sector in which they operate to identify laws and regulations
that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this
regard through discussions with management and the application of our experience of the mining services sector.
• We determined the principal laws and regulations relevant to the Group and Company in this regard to be those arising from the:
• Companies Act 2006;
• UK-adopted international accounting standards;
• Quoted Companies Alliance Code;
• Local laws and regulations in the jurisdictions of the subsidiary entities;
• AIM Rules;
• Health and Safety Laws; and
• Anti-bribery and anti-money laundering regulations.
• We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by
the Group and Company with those laws and regulations. These procedures included, but were not limited to:
• Holding discussions with management and the audit committee and considering any known or suspected instances of
non-compliance with laws and regulations or fraud;
• Reviewing board meeting minutes;
• Reviewing Regulatory News Service (RNS) announcements;
• Ensuring adherence to the terms within the licences, including environmental conditions; and
• Reviewing legal and regulatory correspondence.
• We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to
the non-rebuttable presumption of a risk of fraud arising from management override of controls and revenue recognition, that
the potential for management bias was identified in relation to the valuation of goodwill and investments. We addressed this
by challenging the assumptions and judgements made by management when auditing that significant accounting estimate and
ensuring that there were adequate disclosures included in the respective notes including the disclosures within critical accounting
estimates.
• As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit
procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias;
and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
• As part of the Group audit, we have communicated with component auditors the fraud risks associated with the Group and the
need for the component auditors to address the risk of fraud and any instances of non-compliance with laws and regulations
in their testing. To ensure that this has been completed, we have reviewed component auditor working papers in this area and
obtained responses to our Group instructions from the component auditors.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a
material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance
with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely
to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than
error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's
website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
35
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies
Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to
state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone, other than the company and the company's members as a body, for our audit work, for this report, or for
the opinions we have formed.
Daniel Hutson (Senior Statutory Auditor)
For and on behalf of PKF Littlejohn LLP Statutory Auditor
15 Westferry Circus
Canary Wharf
London E14 4HD
15 December 2023
36
INDEPENDENT AUDITOR'S REPORTGoldplat PLC / Annual Report and Accounts 2023Independent Auditor’s Report to the members of Goldplat Plc Continued Statements of Financial Position – Group and Company
Figures in £'000
Assets
Non–current assets
Property, plant and equipment
Right–of–use assets
Intangible assets
Investment in subsidiary or associate
Unlisted investments
Receivable on Kilimapesa sale
Other loans and receivables
Total non–current assets
Current assets
Inventories
Trade and other receivables
Current tax assets
Receivable on Kilimapesa sale
Investment in Caracal Gold
Other loans and receivables
Cash and cash equivalents
Total current assets
Total assets
Equity and liabilities
Equity
Share capital
Share premium
Capital Redemption Reserve
Retained income
Foreign exchange reserve
Total equity attributable to owners of the parent
Non–controlling interests
Total equity
Liabilities
Non–current liabilities
Provisions
Deferred tax liabilities
Interest bearing borrowings
Lease liabilities
Loan from group company
Total non–current liabilities
Notes
Group
2023
Group
2022
Company
Company
2023
2022
4
19
5
6
8
10
11
12
8
9
10
13
14
14
14
15
16
17
18
19
5,265
352
4,664
1
63
571
145
4,763
576
4,664
1
–
556
189
–
–
–
–
–
–
20,274
20,274
–
–
–
–
–
–
11,061
10,749
20,274
20,274
20,134
29,205
58
30
–
19
2,977
52,423
63,484
1,678
11,562
53
12,328
(9,401)
16,220
1,033
17,253
743
531
285
37
–
1,596
12,048
9,902
100
142
727
8
3,895
26,822
37,571
1,678
11,562
53
9,530
(6,170)
16,653
1,150
17,803
811
1,013
1,417
111
–
3,352
–
156
–
–
–
–
5
161
–
11
–
–
–
–
16
27
20,435
20,301
1,678
11,562
53
1,978
–
15,271
–
15,271
–
–
–
–
4,873
4,873
1,678
11,562
53
1,009
–
14,302
–
14,302
–
–
–
–
5,904
5,904
37
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Statements of Financial Position – Group and Company
Continued
Figures in £'000
Current liabilities
Provisions
Trade and other payables
Interest bearing borrowings
Lease liabilities
Bank overdraft
Total current liabilities
Total liabilities
Total equity and liabilities
Notes
16
20
18
19
13
Group
2023
207
43,196
898
139
195
44,635
46,231
63,484
Group
2022
208
14,971
978
259
–
16,416
19,768
37,571
Company
Company
2023
2022
–
291
–
–
–
291
5,164
20,435
–
95
–
–
–
95
5,999
20,301
The financial statements of Goldplat Plc, company number 05340664, were approved by the Board of Directors and authorised for
issue on 15 December 2023. They were signed on its behalf by: Werner Klingenberg, Director.
The notes on pages 51 to 72 are an integral part of these consolidated financial statements.
Werner Klingeberg
15 December 2023
38
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2023 Statements of Profit or Loss and
Other Comprehensive Income – Group
Figures in £'000
Revenue
Cost of sales
Gross profit
Other income / (loss)
Administrative expenses
Profit from operating activities
Finance costs
Profit before tax
Income tax expense
Profit for the year
Profit for the year attributable to:
Owners of Parent
Non-controlling interest
Other comprehensive loss net of tax
Exchange differences on translation relating to the parent
Losses on exchange differences on translation
Total Exchange differences on translation
Exchange differences relating to the non-controlling interest
Losses on exchange differences on translation
Total other comprehensive income that will be reclassified to profit or loss
Total other comprehensive loss net of tax
Total comprehensive (loss) / income
Comprehensive (loss) / income attributable to:
Comprehensive (loss) / income, attributable to owners of parent
Comprehensive income, attributable to non-controlling interests
Earnings per share attributable to owners of the parent during the year
Basic earnings per share
Basic earnings per share
Diluted earnings per share
Diluted earnings per share
Notes
22
24
25
27
28
28
Group
2023
41,881
(34,459)
7,422
(96)
(3,021)
4,305
(881)
3,424
(356)
3,068
2,798
270
3,068
(3,231)
(3,231)
(203)
(3,434)
(3,434)
(366)
(432)
66
(366)
1.67
1.65
Group
2022
43,222
(33,228)
9,994
53
(2,332)
7,715
(1,884)
5,831
(1,868)
3,963
3,555
408
3,963
(522)
(522)
(5)
(527)
(527)
3,436
3,033
403
3,436
2.08
2.05
The notes on pages 51 to 72 are an integral part of these consolidated financial statements.
The Company's individual profit and loss account has been omitted from the Group's annual financial statements having taken
advantage of the exemption not to disclose under Section 408(3) of the Companies Act 2006. The Company's comprehensive income
for the year ended 30 June 2023 was GBP969,149 (2022 - loss GBP4,286,536).
39
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Statement of Changes in Equity – Group
Figures in £'000
Share
Capital
Share
premium
Share
Redemption
Reserve
Foreign
currency
translation
reserve
Retained
income
Attributable
to owners of
the parent
Non–
controlling
interests
Total
Balance at 1 July 2021
1,698
11,491
Changes in equity
Profit for the year
Other comprehensive
income
Total comprehensive
income for the year
Non-controlling interests in
subsidiary dividend
Decrease of Non-Controlling
Interest (21.30%)
Increase of Non-Controlling
Interest (4.67%)
Decrease of Non-Controlling
Interest (4.24%)
Increase of Non-Controlling
Interest (4.24%)
Cost of share repurchase in
subsidiary (21.30%)
Proceeds on issue of shares
in subsidiary (4.67%)
Cost of share repurchase in
subsidiary (4.24%)
Proceeds on issue of shares
in subsidiary (4.24%)
Cost of Share Options
Issued
Cost of Company Shares
Repurchase
Shares issued from options
exercised
–
–
–
–
–
–
–
–
–
–
–
–
–
(53)
33
–
–
–
–
–
–
–
–
–
–
–
–
–
71
Balance at 30 June 2022
1,678
11,562
Balance at 1 July 2022
1,678
11,562
–
–
–
–
–
–
–
–
–
–
–
–
–
–
53
–
53
53
(5,258)
6,846
14,777
3,637
18,414
–
3,555
(522)
–
3,555
(522)
408
3,963
(5)
(527)
(522)
3,555
3,033
403
3,436
–
–
–
(139)
(139)
(500)
3,589
3,089
(3,089)
110
(787)
(677)
677
(100)
715
615
(615)
100
(715)
(615)
615
–
–
–
–
(3,999)
(3,999)
(413)
(4,412)
716
716
74
790
(653)
(653)
(68)
(721)
–
–
–
653
11
653
11
(401)
(401)
–
104
68
721
–
–
–
11
(401)
104
(6,170)
9,530
16,653
1,150
17,803
(6,170)
9,530
16,653
1,150
17,803
Figures in £'000
Changes in equity
Profit for the year
Other comprehensive loss
Total comprehensive
income for the year
Non-controlling interests in
subsidiary dividend
Share
Capital
Share
premium
Share
Redemption
Reserve
Foreign
currency
translation
reserve
Retained
income
Attributable
to owners of
the parent
Non–
controlling
interests
Total
–
–
–
–
–
–
–
–
–
2,798
(3,231)
–
2,798
(3,231)
270
3,068
(203)
(3,434)
(3,231)
2,798
(433)
67
(366)
–
–
–
(184)
(184)
(9,401)
12,328
16,220
1,033
17,253
–
–
–
–
53
14
Balance at 30 June 2023
1,678
11,562
Notes
14
14
The notes on pages 51 to 72 are an integral part of these consolidated financial statements.
40
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2023 Statement of Changes in Equity – Company
Figures in £'000
Issued capital
Share premium
Balance at 1 July 2021
1,698
11,491
Changes in equity
Profit for the year
Total comprehensive loss
Shares issued from options exercised
Cost of Company Shares Repurchase
Cost of share options issued
Balance at 30 June 2022
Balance at 1 July 2022
Changes in equity
Profit for the year
Total comprehensive income
Balance at 30 June 2023
Note
–
–
33
(53)
–
1,678
1,678
–
–
1,678
14
–
–
71
–
–
11,562
11,562
–
–
11,562
14
Share
Redemption
Reserve
–
–
–
–
53
–
53
53
–
–
53
14
Retained
income
(2,887)
4,286
4,286
–
(401)
11
1,009
1,009
969
969
1,978
Total
10,302
4,286
4,286
104
(401)
11
14,302
14,302
969
969
15,271
The notes on pages 51 to 72 are an integral part of these consolidated financial statements.
41
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Statements of Cash Flows – Group and Company
Notes
34
Figures in £'000
Net cash flows from operations
Finance cost paid
Income taxes paid
Net cash flows from operating activities
Cash flows used in investing activities
Proceeds from sale of Kilimapesa
Proceeds from sale of Caracal
Other cash payments to acquire equity or debt
instruments of other entities
Proceeds from sale of property, plant and equipment
Acquisition of property, plant and equipment
Cost of Share Repurchase from Minority Shareholder
in Subsidiary
Cash flows used in investing activities
Cash flows (used in) / from financing activities
Proceeds from drawdown of interest–bearing
borrowings
Proceeds from issue of shares in Subsidiary to Minority
Shareholder
Proceeds from exercise of share options
Payment of interest–bearing borrowings
Cost of Share Repurchase in Company
Repayments of other financial liabilities
Repayment of leases
Payment of dividend by subsidiary to non–controlling
interest
Cash flows (used in) / from financing activities
Net (decrease) / increase in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Foreign exchange movement on opening balance
Cash and cash equivalents at end of the year
13
Group
2023
4,511
(521)
(647)
3,343
–
727
(126)
30
(1,911)
–
(1,280)
–
–
–
(1,620)
–
–
(287)
(185)
(2,092)
(29)
3,895
(1,085)
2,781
Group
2022
6,471
(1,884)
(1,590)
2,997
312
–
–
142
(850)
(3,791)
(4,187)
3,031
247
104
(673)
(401)
–
(367)
(139)
1,802
612
3,459
(176)
3,895
Company
Company
2023
1,079
31
(90)
1,020
2022
4,536
(41)
(69)
4,426
–
–
–
–
–
–
–
–
–
–
–
–
(1,031)
–
–
(1,031)
(11)
16
–
5
–
–
–
–
–
–
–
–
–
–
95
(401)
(4,126)
–
–
(4,432)
(6)
22
–
16
The notes on pages 51 to 72 are an integral part of these consolidated financial statements.
42
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2023 Accounting Policies
1. General information
Goldplat plc is a public company limited by shares domiciled and registered in England and Wales.
The address of the Company's registered office is Salisbury House, London Wall, London, the United Kingdom EC2M 5PS. The Group
primarily operates as a producer of precious metals on the African continent.
2. Basis of preparation and summary of significant accounting policies
Statement of compliance
The consolidated and separate financial statements have been prepared in accordance with UK - adopted International Accounting
Standards ("IAS") and the Companies Act 2006 as applicable to entities reporting in accordance with IAS ; as applicable to entities
reporting in accordance with IFRS.
Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis, except for derivative financial instruments that
have been measured at fair value.
Functional and presentation currency
These consolidated financial statements are presented in Pounds Sterling, which is considered by the directors to be the most
appropriate presentation currency to assist the users of the financial statements. All financial information presented in GBP has been
rounded to the nearest thousand, except when otherwise indicated.
The Group's subsidiaries' functional currency is considered to be the South African Rand (ZAR), Ghana Cedi (GHS) and the Company's
functional currency is Pounds Sterling (GBP) as these currencies mainly influences sales prices and expenses.
Use of estimates and judgements
The preparation of the consolidated and separate financial statements in conformity with UK - adopted IAS requires management to
make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets,
liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors
that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying
values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimates are revised if the revision affects only that period, or in the period of revision and future periods of the revision if
it affects both current and future periods.
Critical estimates and assumptions that have the most significant effect on the amounts recognised in the consolidated financial
statements and/or have a significant risk of resulting in a material adjustment within the next financial year are as follows:
• Carrying value of goodwill GBP4,664,000 (2022: GBP4,664,000) (Note 5)
• Inventory - precious metals on hand and in process to the value of GBP16,618,000 (2022: GBP8,186,000) (Note 11)
• Rehabilitation provision GBP743,000 (2022: GBP811,000) (Note 16)
• Useful economic lives (Note 2.3)
• Estimated revenue to the value of GBP27,531,000 (2022: GBP8,620,000) (note 2.11)
2.1 Consolidation
Business combinations
Business combinations are accounted for using the acquisition method at the acquisition date, which is the date on which control is
transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from
its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable.
The Group measures goodwill at the acquisition date as:
• the fair value of the consideration transferred; plus
• the recognised amount of any non-controlling interests in the acquiree; plus
• if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree; less
• the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is
negative, a bargain purchase price is recognised immediately in profit or loss.
The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts
generally are recognised in profit or loss.
43
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Accounting Policies Continued
Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a
business combination are expensed as incurred.
Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as
equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of
the contingent consideration are recognised in profit or loss.
When share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree's employees
(acquiree's awards) and relate to past services, then all or a portion of the amount of the acquirer's replacement awards is included
in measuring the consideration transferred in the business combination. This determination is based on the market-based value of
the replacement awards compared with the market-based value of the acquiree's awards and the extent to which the replacement
awards relate to past and/or future service.
Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised
losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the group's
accounting policies.
Subsidiaries
Subsidiaries are entities controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial
statements from the date that control commences until the date that control ceases.
On acquisition of a subsidiary, or where a subsidiary has been transferred from another entity within the group, the transaction is fair
valued at the date control of the subsidiary passes. The investment is the subsidiary is accounted for at cost, less any provision for
impairment, post transaction date.
On disposal of investments in subsidiaries, joint ventures and associated companies, the difference between net disposal proceeds
and the carrying amount of the investment is taken to the income statement.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated
in preparing the consolidated financial statements.
2.2 Foreign currency translation
Transactions and balances
Transactions entered into by Group entities in a currency other than the currency of the primary economic environment in which they
operate (their "functional currency") are recorded at the rates ruling when the transactions occur. Foreign currency monetary assets
and liabilities are translated at the rates ruling at the reporting date. Exchange differences arising on the retranslation of unsettled
monetary assets and liabilities are recognised immediately in profit or loss.
Exchange gains and losses arising on the retranslation of monetary financial assets are treated as a separate component of the
change in fair value and recognised in profit or loss. Exchange gains and losses on non-monetary OCI financial assets form part of the
overall gain or loss in OCI recognised in respect of that financial instrument.
On consolidation, the results of overseas operations are translated into GBP at rates approximating to those ruling when the
transactions took place. All assets and liabilities of overseas operations, including goodwill arising on the acquisition of those
operations, are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets
at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income and accumulated
in the foreign exchange reserve.
On loss of control of a foreign operation, the cumulative exchange differences recognised in the foreign exchange reserve relating to
that operation up to the date of disposal are transferred to the consolidated statement of comprehensive income as part of the profit
or loss on disposal.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and the fair value adjustments arising on acquisition, are translated
to GBP at exchange rates at the reporting date. The income and expenses of foreign operations are translated to GBP at an annual
average exchange rate.
Foreign currency differences are recognised in other comprehensive income, and presented in the exchange reserve in equity.
However, if the foreign operation is a non-wholly owned subsidiary, then the relevant proportion of the translation difference is
allocated to the non-controlling interest. When a foreign operation is disposed of such that control, significant influence or joint
control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part
of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation
while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests.
44
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2023 When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the
foreseeable future, foreign currency gains and losses arising from such item are considered to form part of a net investment in the
foreign operation and are recognised in other comprehensive income, and presented in the exchange reserve in equity.
Goodwill and fair value adjustments arising on the acquisition of foreign operations are treated as assets and liabilities of the foreign
operation and translated at the closing rates.
2.3 Property, plant and equipment
Recognition and measurement
Items of property, plant and equipment as well as leasehold assets are measured at cost less accumulated depreciation and
accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset.
The cost of the mining asset includes the costs of dismantling and removing the items and restoring the site on which they are
located.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major
components) of property, plant and equipment.
Any gain or loss on disposal of an item of property, plant and equipment (calculated as the difference between the net proceeds from
disposal and the carrying amount of the item) is recognised in profit or loss.
Subsequent costs
Subsequent expenditure is analysed by its nature. Substantial modification done on property, plant and equipment is capitalised
only when it is probable that the future economic benefits associated with the expenditure will flow to the Group. Ongoing repairs
and maintenance that relate to day-to-day repairs are expensed and substantial modifications are capitalised provided that IAS 16
recognition criteria has been met.
Depreciation
Items of property, plant and equipment are depreciated on a straight-line basis in profit or loss over the estimated useful lives of each
component. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that
the Group will obtain ownership by the end of the lease term. Freehold land is not depreciated.
Items of property, plant and equipment are depreciated from the date that they are installed and are ready for use, or in respect of
internally constructed assets, from the date that the asset is completed and ready for use.
Asset class
Buildings
Leasehold property
Plant and equipment
Motor vehicles
Office equipment
Environmental asset
2.4 Intangible assets
Goodwill
Useful life / depreciation rate
20 years
lease period
10 years
5 years
6 years
life of mine
Goodwill that arises on the acquisition of subsidiaries is presented within intangible assets. Intangible assets are initially measured at cost.
Subsequent measurement
Goodwill is measured at cost less accumulated impairment losses.
Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it
relates. All other expenditure, including expenditure on internally generated goodwill, is recognised in profit or loss as incurred.
Amortisation
Except for goodwill, intangible assets are amortised on a straight-line basis in profit or loss over their estimated useful lives, from the
date that they are available for use. Amortisation methods, useful lives and residual values are reviewed at each reporting date and
adjusted if appropriate. Amortisation is included within administrative expenses in profit or loss.
45
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Accounting Policies Continued
Inventories
Consumable stores and raw materials are measured at the lower of cost and net realisable value. The cost of inventories is based on
the weighted average basis and includes expenditure incurred in acquiring the inventories, production or conversion costs, and other
costs incurred in bringing them to their existing location and condition.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and
selling expenses.
Precious Metals on Hand and in Process represents production on hand after the smelting process, gold contained in the elution
process, gold loaded carbon in carbon-in-leach ("CIL") and carbon-in-pulp ("CIP") processes, gravity concentrates, platinum group
metals ("PGM") concentrates and any form of precious metal in process where the quantum of the contained metal can be accurately
estimated. It is valued at the average production cost for the year, including amortisation, overheads and depreciation.
Broken ore represents blasted ore, underground or on stockpile, and are measured at the lower of cost and net realisable value.
The cost of broken ore is based on production costs and other costs incurred in bringing them to their existing location and condition.
Impairment
Impairment tests on goodwill and other intangible assets with indefinite useful economic lives are undertaken annually at the
financial year end. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate
that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the
higher of value in use and fair value less costs to sell), the asset is written down accordingly.
Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest
group of assets to which it belongs for which there are separately identifiable cash flows; its cash generating units ('CGUs'). Goodwill
is allocated on initial recognition to each of the Group's CGUs that are expected to benefit from a business combination that gives rise
to the goodwill.
Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognised in other
comprehensive income. An impairment loss recognised for goodwill is not reversed.
2.5 Financial instruments
Expected credit losses
The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision
for trade and other receivables and contract assets. To measure expected credit losses on a collective basis, trade receivables and
contract assets are grouped based on similar credit risk and aging. The contract assets have similar risk characteristics to the trade
receivables for similar types of contracts.
Financial assets
The Group has adopted IFRS 9 from 1 July 2018. The standard introduced new classification and measurement models for financial assets.
The Group has classified GBP nil (2022: GBP nil) as fair value through profit or loss. The Group's as well as the Company's financial assets
measured at amortised cost comprise trade and other receivables, and cash and cash equivalents in the consolidated statement of
financial position.
Trade receivables and intra group balances are initially recognised at fair value. Impairment requirements use an expected credit loss
model to recognise an allowance. For receivables a simplified approach to measuring expected credit losses using a lifetime expected
loss allowance is available and has been adopted by the Group/Company. During this process the probability of the non-payment of the
receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime
expected credit loss for the receivables. For trade receivables, which are reported net, such provisions are recorded in a separate provision
account with the loss being reported within the consolidated statement of comprehensive income. On confirmation that the trade and intra
group receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision.
Trade receivables will be derecognized when the balance has been settled to the Group or where the balance has been assigned to another
party, when such party has been settled.
Impairment provisions for receivables from related parties and loans to related parties are recognised on a forward looking expected credit
loss model. The methodology used to determine the amount of the provision is based on whether there has been a significant increase in
credit risk since initial recognition of the financial asset.
Financial liabilities
Financial liabilities are recognised in the Group's balance sheet when the Group becomes party to a contractual provision of the instrument.
Trade and other payables, including invoice financing creditors are recognised at their cost which approximates to their fair value.
46
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2023 (i) Non-derivative financial liabilities
The Group initially recognises debt securities issued on the date that they are originated. All other financial liabilities (including
liabilities designated at fair value through profit or loss) are recognised initially on the trade date, which is the date that the Group
becomes a party to the contractual provisions of the instrument.
The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire.
The Group classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are
recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial
liabilities are measured at amortised cost using the effective interest method. Other financial liabilities comprise loans and
borrowings, finance lease obligations, and trade and other payables.
(ii) Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a
deduction from equity, net of any tax effects.
Other financial assets
Other financial assets are recognised initially at the fair value, including transaction costs. The asset will subsequently be measured
at fair value and are grouped into levels 1 to 3 based on the significance of the inputs used in the valuation. The financial assets from
the Kilimapesa sale has significant inputs and is therefore included in level 3.
Please see below more details on the above levels mentioned:
• quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
• inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices)
or indirectly (that is, derived from prices) (Level 2);
• inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).
Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid investments that are
readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. These are initially recorded
at fair value and subsequently carried at amortised cost.
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short term highly liquid investments with
original maturities of three months or less, and – for the purpose of the statement of cash flows - bank overdrafts. Bank overdrafts
are shown within trade and other payables in current liabilities on the consolidated statement of financial position.
2.6 Tax
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the Group statement of profit or
loss and other comprehensive income except to the extent that it relates to items recognised directly in equity, in which case it is
recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the
reporting date and any adjustment to tax payable in respect of previous years.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amount
of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes
Deferred tax assets and liabilities
A deferred tax liability is recognised for all taxable temporary differences, except to the extent that the deferred tax liability arises
from:
• the initial recognition of goodwill; or
• the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction,
affects neither accounting profit nor taxable profit (tax loss).
A deferred tax asset is recognised for all deductible temporary differences to the extent that it is probable that taxable profit will
be available against which the deductible temporary difference can be utilised, unless the deferred tax asset arises from the initial
recognition of an asset or liability in a transaction that:
• is not a business combination; and
• at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss).
A deferred tax asset is recognised for the carry forward of unused tax losses and unused tax credits to the extent that it is probable
that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilised.
47
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Accounting Policies Continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised
or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the
reporting period.
The measurement of deferred tax liabilities and deferred tax assets are made to reflect the tax consequences that would follow from
the manner in which it is expected, at the end of the reporting period, recovery or settlement if temporary differences will occur.
Deferred tax assets and liabilities are offset only where:
• there is a legally enforceable right to set off current tax assets against current tax liabilities; and
• the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on either the
same entity within the group or different taxable entities within the group which intend either to settle current tax liabilities and
assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant
amounts of deferred tax liabilities or assets are expected to be settled or recovered.
Leases
Identifying leases
The Group accounts for a contract, or a portion of a contract, as a lease when it conveys the right to use an asset for a period of time
in exchange for consideration. Leases are those contracts that satisfy the following criteria:
(a) There is an identified asset;
(b) The Group obtains substantially all the economic benefits from use of the asset; and
(c) The Group has the right to direct use of the asset.
The Group considers whether the supplier has substantive substitution rights. If the supplier does have those rights, the contract is
not identified as giving rise to a lease.
In determining whether the Group obtains substantially all the economic benefits from use of the asset, the Group considers only the
economic benefits that arise use of the asset, not those incidental to legal ownership or other potential benefits.
In determining whether the Group has the right to direct use of the asset, the Group considers whether it directs how and for
what purpose the asset is used throughout the period of use. If there are no significant decisions to be made because they are
pre-determined due to the nature of the asset, the Group considers whether it was involved in the design of the asset in a way that
predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or portion of a contract
does not satisfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16.
2.7 Provisions
A provision is recognised in the statement of financial position if, as a result of a past event, the Group has a present legal or
constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to
settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax
rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.
The unwinding of the discount is recognised as finance cost.
Environmental obligation
In accordance with the Group's environmental policy and applicable legal requirements, a provision for site restoration in respect of
contaminated land is recognised when the land is contaminated.
The estimated long-term environmental obligations, comprising rehabilitation and mine closure, are based on the Group's
environmental management plans in compliance with current environmental and regulatory requirements. The amounts disclosed in
the financial statements as environmental assets and obligations include rehabilitation. The cost of rehabilitation projects undertaken,
which has been included in the provision estimate, are charged to the provision as incurred. The cost of current programs to prevent
and control future liabilities are charged to the Group statement of profit or loss and other comprehensive income as incurred.
2.8 Interest Bearing Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised
cost. Any difference between the proceeds (net of transaction costs) and the redemption value is taken to the income statement over
the period of the borrowings using the effective interest method.
Borrowings which are due to be settled within twelve months after the balance sheet date are included in current borrowings in
the balance sheet even though the original term was for a period longer than twelve months and an agreement to refinance, or
to reschedule payments, on a long-term basis is completed after the balance sheet date and before the financial statements are
authorised for issue. Other borrowings due to be settled more than twelve months after the balance sheet date are included in
non-current borrowings in the balance sheet.
48
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2023 2.9 Share Redemption Reserve
A statutory, non-distributable reserve into which amounts are transferred following the redemption or purchase of a company's own
shares out of distributable profits or, in certain circumstances, from the proceeds of a fresh issue of shares. It is a reserve that cannot
be distributed to the shareholders and thus ensures the maintenance of the capital base of the company and protects the creditors'
buffer (which gives creditors confidence to invest in the company, e.g. as suppliers or debenture holders).
Subject to the company's articles, the capital redemption reserve may be:
• Used to pay up new shares to be allotted to members as fully paid bonus shares.
• Reduced (or cancelled) by means of a reduction of capital. In accordance with article 3 of the Companies (Reduction of Share
Capital) Order 2008, the reserve created on such reduction can be treated as a realised profit and, therefore, it may be distributed
to shareholders or used to buy back shares.
2.10 Investment held at fair value through profit/loss
Investments are classified as long term investments and current investments. Current investments are in the nature of current assets,
although the common practice may be to include them in investments. Investments other than current investments are classified as
long term investments, even though they may be readily marketable. If an investment is acquired, or partly acquired, by the issue of
shares or other securities, the acquisition cost is the fair value of the securities issued (which, in appropriate cases, may be indicated
by the issue price as determined by statutory authorities). The fair value may not necessarily be equal to the nominal or par value of
the securities issued.
For current investments, any reduction to fair value and any reversals of such reductions are included in the profit and
loss statement.
2.11 Revenue
Revenue from precious metal sales is recognised when transfer of control takes place when the product has been delivered under
the terms of the contract at the refiner or smelter premises. The sales price is estimated on a provisional basis as 95% of market price
at the end of the month in which the material is delivered to the refiner. Management estimate is based on evaluation of historical
data to ensure on average the revenue recognised is in line with what can reasonably expected. Management does review this on
an annual basis and will adjust these estimates based on historical data, if and when required. The estimates used are in line with
prior years.
Adjustments to the sales value occur based on the metal content which represent variable transaction price components up to the
date of final pricing. Final pricing is based on the monthly average market price in the month of the settlement. The period between
the final invoice and provisional invoice is typically three months. The revenue adjustment mechanism embedded within provisional
priced sales arrangements has the characteristics of a commodity derivative.
At the end of the year GBP27,531,000 (2022 - GBP8,620,000) of sales was included in trade receivables. This represent 66%
(2022 – 20%) of revenue for the year and is still exposed to potential fluctuation in gold price, foreign exchange rate and changes
in final assessed gold content which will impact the fair value. Accordingly, the fair value of the final sales price adjustment is
re-estimated continuously and changes in fair value recognised , when and in the year it occurs, as an adjustment to the revenue in
profit or loss and trade receivables in the statement of financial position. The gold content is adjusted at the year-end retrospectively.
There is limited judgement needed in identifying the point control passes: once physical delivery of the products to the agreed
location has occurred, the Group no longer has physical possession, has a right to payment on agreed terms and it is considered that
the Group has satisfied the performance obligation.
2.12 Employee benefits
Share-based payment transactions
Equity-settled share-based payments to employees and others providing similar services are measured at the fair value at the grant
date. The fair value excludes the effect of non-market based vesting conditions. Details regarding the determination of the fair value
of equity-settled share-based payments are set out in note 15.
2.13 Finance income and finance costs
Interest income is accrued on a time basis, by reference to the principal outstanding and the applicable effective interest rate.
Finance costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on
funds invested and foreign exchange gains and losses that are recognised in profit or loss.
49
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Accounting Policies Continued
2.14 Discontinued operations
Discontinued operations are presented in the consolidated statement of comprehensive income as a single line which comprises the
post-tax profit or loss of the discontinued operation along with the post-tax gain or loss recognised on the re-measurement to fair
value less costs to sell or on disposal of the assets or disposal groups constituting discontinued operations.
2.15 Non-controlling interest
For business combinations completed prior to 1 January 2010, the Group initially recognised any non-controlling interest in the
acquiree at the non-controlling interest's proportionate share of the acquiree's net assets. For business combinations completed
on or after 1 January 2010 the Group has the choice, on a transaction by transaction basis, to initially recognise any non-controlling
interest in the acquiree which is a present ownership interest and entitles its holders to a proportionate share of the entity's net
assets in the event of liquidation at either acquisition date fair value or, at the present ownership instruments' proportionate share in
the recognised amounts of the acquiree's identifiable net assets. Other components of non-controlling interest such as outstanding
share options are generally measured at fair value. The group has not elected to take the option to use fair value in acquisitions
completed to date.
From 1 January 2010, the total comprehensive income of non-wholly owned subsidiaries is attributed to owners of the parent and to
the non-controlling interests in proportion to their relative ownership interests. Before this date, unfunded losses in such subsidiaries
were attributed entirely to the group. In accordance with the transitional requirements of IAS 27 (2008), the carrying value of
non-controlling interests at the effective date of the amendment has not been restated.
Any changes in the non-controlling interest during the period (which will be a change of the non-controlling interest as a result of
a change in a present ownership interest which adjust the entitlement its holders had to a proportionate share of the subsidiaries
net assets in the event of liquidation), will be recognised by adjusting the present ownership instruments' proportionate share
in the recognised amounts of the subsidiary identifiable net assets. These adjustments, relating to the percentage change in the
proportionate share) will be recognised in the statement of changes in equity between the non- controlling interest reserve, retained
earnings and foreign currency translation reserve.
3. Changes in accounting policies and disclosures
3.1 New standards and interpretations not yet adopted
The Company has not applied the following new, revised or amended pronouncements that have been issued by the IASB as they are
not yet effective for the annual financial year beginning 1 July 2022 (the list does not include information about new requirements
that affect interim financial reporting). The directors anticipate that the new standards, amendments and interpretations will be
adopted in the Company's consolidated and separate financial statements when they become effective. The Company has assessed,
where practicable, the potential impact of all these new standards, amendments and interpretations that will be effective in
future periods.
3.2 New accounting pronouncements
The standards and amendments listed below will be effective in future reporting periods. It is expected that Goldplat Recovery (Pty)
Ltd will adopt the pronouncements on 30 June 2024. The adoption of the new accounting standards and amendments is not expected
to have a material impact on the Company's results.
Standard
Effective for annual periods beginning on or after
Classification of liabilities as Current or Non-Current (Amendments to IAS 1)
1-Jan-23
IFRS 17 Insurance Contracts
Amendments to IFRS 17
1-Jan-23
1-Jan-23
During the prior year , through GPL, the Group entered into a ZAR denominated bank facility of ZAR 60 million (approximately
GBP3.02 million) with Nedbank. The bank facility is repayable monthly over 36 months and attracts interest at South African Prime
Rate plus 1.75%.
GPL provided security over its debtors as well as a negative pledge over its moveable and any immovable property, with a general
notarial bond registered over all movable assets. The Company entered into a limited suretyship for ZAR 60 million, in favour of
Nedbank. A lower interest rate was granted due to the fact that GPL provided the security and a guarantee on behalf of Goldplat
Recovery (Pty) Ltd.
The IFRS 4 standard will be replaced by the IFRS 17 standard in the upcoming financial period. Under the new standard, the Company
will have to fair value the benefit received from the differential between the interest rates mentioned above.
Currently, the business is evaluating the impact of IFRS 17.
50
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2023 Notes to the Consolidated and Separate Financial Statements
4. Property, plant and equipment
Buildings
Leasehold
property
Machinery
Motor
vehicles
Office
equipment
Environ-
mental
asset
Total
Reconciliation for the year ended
30 June 2023 - Group
Balance at 1 July 2022
At cost
Accumulated depreciation
Net book value
Movements for the year ended
30 June 2023
Additions
Depreciation
Recognition of Right of Use assets
Disposals
Effect of movements in exchange rates
Property, plant and equipment at
the end of the year
Closing balance at 30 June 2023
At cost
Accumulated depreciation
Net book value
Reconciliation for the year ended
30 June 2022 - Group
Balance at 1 July 2021
At cost
Accumulated depreciation
Net book value
Movements for the year ended
30 June 2022
Additions
Depreciation
Recognition of Right of Use assets
Disposals
Effect of movements in exchange rates
Property, plant and equipment at
the end of the year
Closing balance at 30 June 2022
At cost
Accumulated depreciation
Net book value
346
(196)
150
61
(10)
–
–
(32)
170
338
(168)
170
208
(144)
64
71
(1)
–
–
(17)
117
260
(144)
117
6,754
(2,884)
3,870
1,700
(362)
132
(9)
(925)
4,406
7,024
(2,618)
4,406
646
(371)
275
–
(63)
98
(23)
(56)
231
596
(365)
231
65
(45)
20
34
(7)
–
–
(6)
41
86
(45)
41
695
(311)
384
45
(64)
–
–
(65)
301
617
(316)
301
Buildings
Leasehold
property
Machinery
Motor
vehicles
Office
equipment
Environ-
mental
asset
354
(190)
164
–
(9)
–
–
(5)
150
346
(196)
150
218
(144)
74
–
(1)
–
(9)
64
208
(144)
64
6,205
(2,641)
3,564
828
(373)
53
(58)
(144)
3,870
6,754
(2,884)
3,870
737
(479)
258
16
(49)
166
(105)
(11)
275
646
(371)
275
64
(45)
19
6
(4)
–
–
(1)
20
65
(45)
20
727
(238)
489
–
(73)
–
(32)
–
384
695
(311)
384
8,714
(3,951)
4,763
1,911
(507)
230
(32)
(1,101)
5,265
8,921
(3,656)
5,265
Total
8,305
(3,737)
4,568
850
(509)
219
(195)
(170)
4,763
8,714
(3,951)
4,763
51
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements 5. Intangible assets
5.1 Reconciliation of changes in intangible assets
Reconciliation for the year ended 30 June 2023 - Group
Balance at 1 July 2022
At cost
Net book value
Closing balance at 30 June 2023
At cost
Net book value
Reconciliation for the year ended 30 June 2022 - Group
Balance at 1 July 2021
At cost
Net book value
Closing balance at 30 June 2022
At cost
Net book value
Impairment Testing on Goodwill
Goodwill
Total
4,664
4,664
4,664
4,664
4,664
4,664
4,664
4,664
4,664
4,664
4,664
4,664
4,664
4,664
4,664
4,664
Goodwill has been assessed during the current year for any impairment and it was concluded that the goodwill is fairly valued.
The recoverable amounts of the CGU's, South Africa and Ghana, were assessed by performing a discounted cashflow forecast model
and it was concluded that the recoverable amounts exceeded the goodwill value indicating no further impairment is required to be
recognised.
Key assumptions
The recoverable amounts for each CGU are based on value-in-use which is derived from discounted cash flow calculations. The key
assumptions applied in value-in-use calculations are those regarding forecast operating profits, gold prices and discount rates
Forecast operating profits
For all CGU's, the Group prepared cash flow projections derived from the most recent forecast for the year ending 30 June 2024.
Forecast revenue and direct costs are based on past performance and expectations of future changes in the market, operating model
and cost base.
Growth rates and terminal values
For the medium-term and terminal value a growth rate for South Africa and Ghana of 5% and 2% (USD terms) respectively (2022: 0%)
was assumed.
Discount Rate
A pre-tax discount rates used to assess the forecast cashflows from CGU's are derived from each CGU's weighted average cost
of capital, taking into account specific factors relating to the country it operates in. These rates are reviewed annually by external
advisors and adjusted for the risks specific to the business being assessed and the mark in which the CGU operates. The discount
rates used during the year for South Africa and Ghana was 18.9% and 15% (2022: 18.1% and 30.5%) (USD terms) respectively.
Sensitivity analysis
A sensitivity analysis has been performed and management has concluded that no reasonably foreseeable change in the key
assumptions would result in an impairment of the goodwill of any of the Group's CGUs. A more severe sensitivity analysis has also
been performed and management has concluded that no impairment would be required.
52
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2023Notes to the Consolidated and Separate Financial Statements Continued 6. Investment in subsidiary or associate
6.1 Investments in subsidiaries
Name of subsidiary
Current year
Holding
Prior year
Holding
Address
Gold Mineral Resources Limited
100%
Goldplat Recovery (Pty) Ltd
Gold Recovery Ghana Limited
Nyieme Gold SARL
Gold Recovery Brasil LTDA
Gold Recovery Peru SAC
Midas Gold SARL
GRG Tolling Limited
91%
100%
100%
100%
100%
100%
100%
100%
91%
100%
100%
100%
100%
100%
100%
Trafalgar Court, Admiral Park, St Peter Port, Guernsey
Daveyton Road, New Modder, Benoni, 1501, South Africa
BCB Legacy House, 1 Nii Amugi Avenue, East Adabraka, Accra,
Ghana
Trafalgar Court, Admiral Park, St Peter Port, Guernsey
Av. Contorno, 2905, Santa Efigenia, 30.110-915, Belo Horizonte/
Minas Gerais, Brazil
Calle Martir Jose Olaya, 129, 1101, Miraflores, Lima, 15074, Peru
Trafalgar Court, Admiral Park, St Peter Port, Guernsey
Plot A/55/4 Tema Industrial Area, Tema, Ghana
6.2 Amounts per the statements of financial position - Group and Company
Opening balance
Increase in investment
Group
2023
1
–
1
Group
2022
1
–
1
Company
Company
2023
20,274
–
20,274
2022
20,268
6
20,274
The investments in subsidiaries, joint ventures and associates of the Company relate mainly to the investments in GMR, who in turn
holds investment in GRG and GPL.
The value of the investment by Goldplat Plc in GMR and GPL was assessed separately due to these being two different cashflow units
being held by Goldplat Plc. The recoverable amounts of the CGU's were assessed by performing a net present valuation on the South
African and Ghana future cashflows and it was concluded that the recoverable amounts supported the investment in subsidiaries for
the current year.
7. Non-controlling interest
During the prior year the Group's subsidiary, Goldplat Recovery (Pty) Limited entered into the following transactions with its minority
shareholders. (Cross reference to related party note 30).
• On 23 August 2021 it bought back 22.35% of its shares from the minority shareholders for GBP4,412,048 and issued 4.00%
additional shares to minority shareholders for GBP789,628, which resulted in a 21.30% decrease and 4.67% increase in the
non-controlling interest respectively.
• On 13 September 2021 it bought back a further 3.65% of its shares from the minority shareholders for GBP720,536 and issued
3.65% additional shares to minority shareholders for GBP720,536, which resulted in a 4.24% decrease and 4.24% increase in the
non-controlling interest respectively.
Immediately prior to these transactions, the carrying amount of the 26% non-controlling interest in Goldplat Recovery (Pty) Limited
was GBP14,500,794. These transactions results in a decrease in non-controlling interest in Goldplat Recovery (Pty) Limited to 9.37%.
53
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements The net impact of these transaction is summarized per transaction and in total below:
Attributable to Owners of the Parent
Increase/
(Decrease) in
the carrying
value of the
Non-Controlling
Interest
GBP'000
Increase/
(Decrease)
in share of
foreign currency
translation loss
GBP'000
Increase/
(Decrease) in
share of retained
income
GBP'000
Total movement
attributable to
Owners of the
parent
GBP'000
(3,502)
751
(683)
683
(2,751)
(500)
110
(100)
100
(390)
(410)
(71)
62
(62)
(481)
(910)
39
(38)
38
(871)
Change in
Non-Controlling
Interest
-21%
5%
-4%
4%
Total equity
movement
GBP'000
(4,412)
790
(721)
721
(3,622)
Date
23-Aug-21
23-Aug-21
13-Sep-21
13-Sep-21
Total
As a result of these transactions the non-controlling interest decreased by GBP2,751,010 and equity attributable to owners of the
parent decreased by GBP871,409. The decrease in equity attributable to owners of the parent, was as a result of an increase in the
parent's share of the negative foreign currency translations reserve to the value of GBP390,463, and a decrease in the parent's share
of retained income to the value of GBP480,946.
No changes occurred in the current financial year.
8. Receivable on Kilimapesa sale
Figures in £'000
Receivable from Kilimapesa sale
Group
2023
601
Group
2022
698
Company
Company
2023
–
2022
–
The receivable relates to the 1% net smelter royalty on production of Kilimapesa to the maximum of USD1,500,000.
Figures in £'000
Non-current assets
Current assets
Group
2023
571
30
601
Group
2022
556
142
698
Company
Company
2023
2022
–
–
–
–
–
–
Other financial assets are recognised initially at the fair value, including transaction costs. The asset will subsequently be measured at
fair value and are grouped into levels 1 to 3 based on the degree to which the fair value is observable. The financial assets from the
Kilimapesa sale has unobservable inputs and is therefore included in level 3.
Included in the sales price of Kilimapesa is USD1,500,000 in future royalties based on the amount of gold sold by the purchaser.
The below valuation was done in order to calculate the GBP601,000 financial asset.
The amount of gold ounces sold will be dependent on various factors including capital allocation, production and sales scheduling
and capital availability on Kilimapesa mine. We used forecasts available in the market as at end of the year but actual results
might vary.
54
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2023Notes to the Consolidated and Separate Financial Statements Continued Valuation technique used
Key unobservable inputs
Fair value is determined by making the
following assumptions:
• The estimated gold sold per year
Discount rate of 13% has been applied
Gold sales: oz
• 2023: 3,000 oz
• The average gold price
• The selling costs
• 1% net smelter royalties are payable
annually
• 2024: 15,000 oz
• 2025: 15,000 oz
• 2026: 15,000 oz
• 2027: 15,000 oz
• 2028: 15,000 oz
Relationship between unobservable
inputs to fair value
The higher the discount rate, the lower
the fair value.
The higher the production level, the
higher the fair value.
The higher the gold price, the higher the
value.
The higher the costs, the lower the value.
• 2029: 9,099 oz (balancing figure to get
to USD1,500,000 in royalties)
The average gold price of 1,700 USD/oz is
used based on historical figures provided,
an average selling cost of 5% is applied.
9. Investment in Caracal Gold
Figures in £'000
Opening balance
Additions
Disposals
Change in fair value recognised in profit/(loss)
Closing balance
Non-current assets
Current assets
10. Other loans and receivables
Figures in £'000
Aurelian receivable
Group
2023
727
–
(727)
–
–
–
–
–
Group
2023
164
Group
2022
–
1,367
(312)
(328)
727
–
727
727
Group
2022
197
Company
Company
2023
2022
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Company
Company
2023
–
2022
–
As part of the share repurchase of minority interest in GPL, the balance that was outstanding from the minorities, Amabubesi (Pty) Ltd,
for the original purchase of the shares, was repaid. However, when additional shares was issued to Aurelian, it was agreed that a portion
of the proceeds will be recoverable from future dividends. The balance outstanding has been included at discounted value of future
proceeds recoverable from dividends.
Figures in £'000
Non-current assets
Current assets
Group
2023
145
19
164
Group
2022
189
8
197
Company
Company
2023
2022
–
–
–
–
–
–
55
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements 11. Inventories
Figures in £'000
Raw materials
Consumable stores
Precious metals on hand and in process
Group
2023
2,462
1,054
16,618
20,134
Group
2022
2,730
1,132
8,186
12,048
Company
Company
2023
2022
–
–
–
–
–
–
–
–
Inventories are initially recognised at cost, and subsequently measured at the lower of cost and net realisable value. Cost comprises
all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.
Weighted average cost is used to determine the cost of ordinarily interchangeable items.
During the year inventory (which include all production costs) expensed through the statement of profit and loss was GBP34,459,000
(2022 – GBP33,228,000)
12. Trade and other receivables
Figures in £'000
Trade receivables
Provision for impairment of receivables
Trade receivables - net
Sundry debtors
Prepaid expenses
Other receivables
Value added tax
Group
2023
27,645
(114)
27,531
1
77
1,404
192
29,205
Group
2022
8,620
–
8,620
1
68
795
418
9,902
Company
Company
2023
2022
128
–
128
–
10
–
18
156
–
–
–
–
1
–
10
11
At 30 June 2023, GBP19,054,099 (2022: GBP7,421,000) of trade receivables had been sold to a provider of invoice discounting and
debt factoring services. The Group is committed to underwrite any of the debts transferred and therefore continues to recognise
the debts sold within trade receivables until the debtors repay or default. Since the trade receivables continue to be recognised, the
business model of the Group is not affected. The proceeds from transferring the debts of GBP19,054,099 (2022: GBP7,421,000) are
included in other financial liabilities until the debts are collected or the Group makes good any losses incurred by the service provider.
Movements in the allowance for doubtful debt for trade receivables are as follows:
Figures in £'000
Opening balance
Current year adjustment
Closing balance
Group
2023
14
100
114
Group
2022
Company
Company
2023
2022
–
14
14
–
–
–
–
–
–
There overall risk as at 30 June 2023 that the debtors will not meet their payment obligations in respect of the amount of trade
receivables recognised in the balance sheet whether past due or not and not provided, is very low. The increase related to
prepayments written off in Goldplat Recovery (Pty) Ltd relating to an ongoing dispute with a supplier.
The Company uses the simplified approach for trade accounts receivable and for contract assets. The Company considers a financial
asset in default when it is unlikely to receive the outstanding contractual amounts in full. The probability of default takes into
consideration financial and non-financial information about customers. The consideration is forward-looking and verified using
historical credit losses. Trade accounts receivable are assumed to be credit-impaired if it is unlikely that the customer will fulfil its
obligations.
The lifetime estimated credit loss is evaluated and applied to the outstanding trade receivables at end of the year. The estimated
credit loss was adjusted for in the current year.
The impairment allowance for bad debts are calculated using a lifetime expected credit loss model in accordance with IFRS 9. There
are no receivables subjected to a significant increase in credit loss. The actual doubtful debt allowance for the year end to June 2023
was GBP113,963 (2022: GBP13,648) and the comparatives have not been restated.
56
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2023Notes to the Consolidated and Separate Financial Statements Continued 13. Cash and cash equivalents
Figures in £'000
Net cash and cash equivalents
Balances with banks
Bank overdrafts
14. Share capital, premium and redemption reserve
Authorised and issued share capital
Figures in £'000
Issued
Ordinary shares
Share premium
Share reconciliation
Share Capital outstanding - beginning of the year
Issued
Repurchased
Share Capital outstanding - closing
Share Premium outstanding - beginning of the year
Issued
Share Premium outstanding - closing
15. Reserves
Ordinary shares
Group
2023
2,977
(195)
2,782
Group
2023
1,678
1,678
11,562
13,240
1,678
–
–
1,678
11,562
–
11,562
Group
2022
Company
Company
2023
2022
3,895
–
3,895
Group
2022
1,678
1,678
11,562
13,240
1,698
33
(53)
1,678
11,491
71
11,562
5
–
5
16
–
16
Company
Company
2023
2022
1,678
1,678
11,562
13,240
1,678
–
–
1,678
11,562
–
11,562
1,678
1,678
11,562
13,240
1,698
33
(53)
1,678
11,491
71
11,562
All shares rank equally with regard to the Company's residual assets. The holders of ordinary shares are entitled to receive dividends
as declared from time to time and are entitled to one vote per share at meetings of the Company.
Share premium
Represents excess paid above nominal value on historical shares issued.
Exchange reserve
The exchange reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign
operations.
Non-controlling interest
Relates to the portion of equity owned by minority shareholders.
Capital Redemption Reserve
Portion of share capital repurchased by the Company.
57
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements 16. Provisions
Figures in £'000
Balance at 1 July 2022
Increase/(Decrease) in provision
Effect of foreign exchange movements
Balance at 30 June 2023
Balance at 1 July 2021
Increase in provision
Effect of foreign exchange movements
Balance at 30 June 2022
Non-current portion
Current portion
Total provisions
Environmental
Other
811
78
(146)
743
787
23
1
811
208
(1)
–
207
–
208
–
208
Total
1,019
77
(146)
950
787
231
1
1,019
743
207
950
In terms of section 54 of the regulations of the Minerals Resource and Petroleum Act of 2002, in South Africa, a Quantum of Financial
Provisioning is required for activities performed under the mining lease. Quantum of Financial Provisioning requires a detailed
itemization of actual costs relating to the premature closure, decommissioning and final closure and post closure management.
The Company makes use of an independent consultant to calculate the detail itemized actual current costs for rehabilitation and
to evaluate any critical estimates and assumptions. The Quantum of Financial Provisioning has been approved by the Department
of Minerals Resources in South Africa. The Company has insured the obligation and has ceded the proceeds from the policy to the
Department of Minerals Resources. During the current year, the provision held in GPL was reassessed by using an external expert
and it was concluded that due to the additional capital expenditure that has taken place over the financial year, the provision had to
be increased to account for the additional capital incurred.
Other provisions relate to certain tax claims in the Group subsidiaries. The Group is still contesting these claims, however after
engaging with specialists on the matter, it was decided to provide for these claims.
17. Deferred tax
The analysis of deferred tax assets and deferred tax liabilities is as follows:
Figures in £'000
Deferred tax liabilities:
- Deferred tax liability to be recovered after more than 12 months
Net deferred tax liabilities
Group
2023
(531)
(531)
(531)
Group
2022
(1,013)
(1,013)
(1,013)
Company
Company
2023
2022
–
–
–
–
–
–
58
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2023Notes to the Consolidated and Separate Financial Statements Continued Group
Opening balance at 1 July 2022
Current charge - temporary difference
Effect of foreign exchange movements
Closing balance at 30 June 2023
Opening balance at 1 July 2021
Current charge - temporary difference
Effect of foreign exchange movements
Closing balance at 30 June 2022
Comprising:
2023
Capital allowances
Unrelieved tax losses and provisions
2022
Capital allowances
Unrelieved tax losses and provisions
18. Interest Bearing Borrowings
Figures in £'000
Interest Bearing Borrowings
Non-current portion of interest bearing borrowings
Current portion of interest bearing borrowings
Deferred tax
(1,013)
309
174
(531)
(822)
(236)
45
(1,013)
2023
468
63
531
1,160
(147)
1,013
Group
2023
1,183
285
898
1,183
Group
2022
2,395
1,417
978
2,395
Company
Company
2023
2022
–
–
–
–
–
–
–
–
During the prior year , through GPL, the Group entered into a ZAR denominated bank facility of ZAR 60 million (approximately
GBP3.02 million) with Nedbank, to finance the repurchase of shares from minorities in South Africa. The bank facility is repayable
monthly over 36 months and attracts interest at South African Prime Rate plus 1.75%.
GPL provided security over its debtors as well as a negative pledge over its moveable and any immovable property, with a general
notarial bond registered over all movable assets. The Company entered into a limited suretyship for ZAR 60 million, in favour of
Nedbank. The facility is subject to various covenants, requiring certain levels of free cashflow, profitability, solvency and equity levels.
Security provided by GPL:
For the obligations of Goldplat Recovery (Pty) Ltd, the following will apply:
i.
A security session of cession of all present and future debtors; and
ii. A Negative Pledge over moveable and any immovable property by Goldplat Recovery (Pty) Ltd.
iii. Limited suretyships of R 60 million (sixty million rand) (incorporating cessions of claims), in favour of Nedbank, by Goldplat Plc.
iv. The registration of a general notarial bond over all moveable assets, reflecting Goldplat Recovery (Pty) Ltd as mortgagor and
Nedbank as mortgagee, of R60 million (sixty million rand).
v. The security will be required as continuing security for all the Borrower Facilities of which the Borrower avails itself to from time to
time and for the obligations of every Security Provider (as defined below), where applicable.
vi. For the purposes of this Facility Letter, any party other than the Borrower who provides security as described above will be
referred to as a 'Security Provider'.
59
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements 19. Lease liabilities
19.1 Lease liabilities comprise:
Figures in £'000
Lease obligation
Plant, machinery and motor vehicles
Opening balance on 1 July 2022
Additions
Interest expense
Lease payment
Foreign exchange movements
Closing balance on 30 June 2023
Non-current liabilities
Current liabilities
19.2 Right of use asset
Figures in £'000
Plant, machinery and motor vehicles
Opening balance on 1 July 2022
Additions
Amortisation
Disposals
Transferred to Property, Plant & Equipment
Foreign exchange movements
Closing balance on 30 June 2023
Group
2023
176
370
170
23
(310)
(77)
176
37
139
176
Group
2022
370
403
333
21
(388)
1
370
111
259
370
Company
Company
2023
2022
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Group
2023
Group
2022
576
170
(71)
–
(230)
(94)
352
574
299
(76)
–
(219)
(2)
576
The average lease term is 2 years. For the year ended 30 June 2023, the average effective borrowing rate was 7.50%. Interest rates are
variable over the lease term and vary according to the South African prime interest rate.
The current year's interest fee relating to the leases of these assets was GBP23,000. These assets mostly relate to motor vehicles and
forklifts. The Group's lease liabilities are secured over the leased assets.
20. Trade and other payables
Figures in £'000
Trade creditors
Anumso license accrual
Accrued liabilities
Invoice financing creditor
Total trade and other payables
Group
2023
5,974
369
17,799
19,054
43,196
Group
2022
2,543
369
4,638
7,421
14,971
Company
Company
2023
291
–
–
–
291
2022
87
–
–
8
95
60
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2023Notes to the Consolidated and Separate Financial Statements Continued 21.
Financial Assets and Liabilities
Carrying amount of financial assets by category
Figures in £'000
Year ended 30 June 2023 - Group
Unlisted investments
Receivable on Kilimapesa sale (Note 8)
Other loans and receivables (Note 10)
Trade and other receivables excluding non-financial assets (Note 12)
Cash and cash equivalents (Note 13)
Figures in £'000
Year ended 30 June 2022 - Group
Receivable on Kilimapesa sale (Note 8)
Other loans and receivables (Note 10)
Trade and other receivables excluding non-financial assets (Note 12)
Cash and cash equivalents (Note 13)
Carrying amount of financial liabilities by category
Figures in £'000
Year ended 30 June 2023 - Group
Interest Bearing Borrowings (Note 18)
Lease liabilities (Note 19)
Trade and other payables excluding non-financial liabilities (Note 20)
Figures in £'000
Year ended 30 June 2022 - Group
Interest Bearing Borrowings (Note 18)
Lease liabilities (Note 19)
Trade and other payables excluding non-financial liabilities (Note 20)
22. Revenue
Figures in £'000
Sale of precious metals - Recovery operations
Processing fees charged to customers
Total revenue
At amortised
cost
63
601
164
28,935
2,977
32,740
At amortised
cost
698
197
9,277
3,895
14,067
At amortised
cost
1,183
176
43,196
44,555
At amortised
cost
2,395
370
14,971
17,736
Group
2023
41,652
229
41,881
Total
63
601
164
28,935
2,977
32,740
Total
698
197
9,277
3,895
14,067
Total
1,183
176
43,196
44,555
Total
2,395
370
14,971
17,736
Group
2022
42,783
439
43,222
61
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Major customer
Revenues for the recovery operations were mainly derived from 4 different customers as indicated below
Figures in £'000
South African Recovery Operations
Other
Customer 2
Customer 3
Customer 4
Total
West African Recovery Operations
Other
Customer 2
Customer 3
Customer 4
Total
23. Employee benefits expense
Figures in £'000
Wages and salaries
Performance based payments
National insurance and unemployment fund
Skills development levy
Medical aid contributions
Group life contributions
Provident funds
Total
The average number of employees (including directors) during the year was:
Directors
Administrative personnel
Production personnel
Directors emoluments
2023
Wages and salaries
Fees
Other benefits
Total
2022
Wages and salaries
Fees
Other benefits
Total
2023
%
0%
13%
44%
43%
100%
2%
3%
10%
85%
100%
Value
35
3,438
11,883
11,638
26,994
296
453
1,505
12,633
14,887
2022
%
0%
19%
46%
35%
Value
–
4,138
9,859
7,522
100%
21,519
0%
5%
24%
71%
100%
Group
2023
4,416
522
64
43
36
64
69
–
957
5,292
15,454
21,703
Group
2022
4,009
424
57
37
36
58
53
5,214
4,674
5
38
415
458
7
26
394
427
Executive
Non-executive
Total
178
–
62
240
181
–
3
184
–
141
–
141
–
149
–
149
2023
240
178
141
62
381
181
149
3
333
2022
184
Emoluments disclosed above include the following amounts paid to the highest director:
Emoluments for qualifying services
Key management apart from the Directors, the emoluments paid to key management personnel amounted to 2023 : GBP793,000
(2022: GBP806,000).
62
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2023Notes to the Consolidated and Separate Financial Statements Continued 24. Administrative expenses
Expenses by nature
Depreciation expense
Accountancy fees
Loss on disposal of property, plant and equipment
25. Finance costs
Figures in £'000
Bank overdraft and creditors
Interest on pre-financing of sales
Foreign exchange movement
Total finance costs
26. Auditor's Remuneration
Figures in £'000
Auditor's Remuneration comprise:
– Audit of parent and consolidation
– Audit of subsidiaries
– Prior period audit / overruns
Total auditor's remuneration
27. Income tax expense
27.1 Income tax recognised in profit or loss:
Figures in £'000
Current tax
Current year
Withholding tax on dividends paid by subsidiaries
Total current tax
Deferred tax
Originating and reversing temporary differences
Deferred tax rate adjustment
Total deferred tax
Total income tax expense
Group
2023
507
5
3
Group
2023
214
956
(289)
881
Group
2023
115
48
153
316
Group
2022
511
–
4
Group
2022
207
449
1,228
1,884
Group
2022
94
27
–
121
Group
2023
Group
2022
599
90
689
206
(539)
(333)
356
1,566
71
1,637
183
48
231
1,868
63
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements 27.2 The income tax for the year can be reconciled to the accounting profit as follows:
Figures in £'000
Profit before tax from operations
Income tax calculated at 19.0%
Tax effect of
Expenses not deductible for tax purposes
Effect of higher tax levied on overseas subsidiaries
Tax losses incurred on overseas subsidiaries
Prior year mining tax rate adjustment
Withholding tax on dividends paid by subsidiaries
Under provision for provisional tax
Unwinding due to BEE charge
Tax charge
Group
2023
3,424
651
156
153
247
(898)
69
(21)
–
356
Group
2022
5,831
1,108
47
296
361
(80)
71
42
23
1,868
The Group's two main operating and tax paying entities are Goldplat Recovery (Pty) Limited and Gold Recovery Ghana Limited.
During the year the income tax expense decreased by more than 80%. This has resulted in a decrease in the effective tax rate from
24.7% to 8.3%, which was driven by the following:
• Decrease in taxation rate of 15.59% for GPL, to 9.84%, due to a change in the mining tax rate formula, an increase in capital
expenditure and a decrease in profits resulting in a lower taxation rate based on mining tax formula applied in South Africa;
• Decrease in GPL profits before taxation from GBP4,648,000 to GBP2,781,000.
Goldplat Recovery (Pty) Limited income tax rate is calculated using a formula tax rate which is calculated using its profit margins
and capital spend during the year. Any changes, year to year, on the tax rate calculated using this formula, will result in changes in
the income tax rate at which it is assessed based on that year's profits, but also will change the income tax rate use to assess our
deferred tax liability.
We currently do not foresee any changes in the income tax rate for Gold Recovery Ghana Limited.
Please note that no deferred tax asset was raised on the tax losses incurred on overseas subsidiaries. A portion relates to GMR of
which the tax rate is 0% and a portion relates to Goldplat Plc where there is no indication of future taxable income.
28. Earnings per share
28.1 Basic earnings per share
The earnings and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:
Figures in £'000
Earnings used in the calculation of basic earnings per share
Group
2023
2,798
Group
2022
3,555
Weighted average number of ordinary shares used in the calculation of basic earnings per share
167,783
171,018
28.2 Diluted earnings per share
The earnings used in the calculation of diluted earnings per share are as follows:
Figures in £'000
Earnings used in the calculation of basic earnings per share
Group
2023
2,798
Group
2022
3,555
The weighted average number of ordinary shares for the purpose of diluted earnings per share reconciles
to the weighted average number of ordinary shares used in the calculation of basic earnings per share
as follows:
Weighted average number of ordinary shares used in the calculation of basic earnings per share
Adjusted for – Dilutive effect of share options
Weighted average number of ordinary shares used in the calculation of diluted earnings per share
167,783
1,899
169,682
171,018
2,039
173,057
64
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2023Notes to the Consolidated and Separate Financial Statements Continued 29. Segment information
29.1 General information
For each segment, the Group's CEO (the chief operating decision maker) reviews internal management reports on at least a quarterly
basis. The following summary describes the operations in each of the Group's reportable segments.
• South African Recovery operations: Includes the recovery of precious metals from metallurgical challenging materials and the
processing of ore, sourced from other mining operations in South Africa. These products often represent an environmental
challenge to the primary producer and are processed in a responsible manner by the company.
• West African Recovery Operations: Includes the recovery of precious metals from metallurgical challenging materials and the
processing of ore, sourced from other mining operations in West Africa as well as South America.
• Administration - Includes activities conducted by holding companies in relation to the group and its subsidiaries.
There are varying levels of integration between the three reportable segments. This integration includes the sale of precious
metals from the Ghana recovery operation to the South African recovery operation, and the supply of goods and services by the
South African subsidiary to all group operations. Information regarding the results of each reportable segment is included below.
Performance is measured based on segment profit before tax, as included in the internal management reports that are viewed by the
Group's CEO. Segment profit is used to measure performance as management believes that such information is the most relevant in
evaluating the results of certain segments relative to other entities that operate within these industries.
29.2 Segment revenues
Figures in £'000
Year ended 30 June 2023
South African Recovery Operations
West African Recovery Operations
South American Recovery Operations
Administration and Other
Group revenue
Year ended 30 June 2022
South African Recovery Operations
West African Recovery Operations
Group revenue
29.3 Other incomes and expenses
Figures in £'000
Year ended 30 June 2023
South African Recovery Operations
West African Recovery Operations
South American Recovery Operations
Administration
Intercompany trade and consolidation journals
Group
Total segment
revenue
26,959
14,814
100
8
41,881
21,519
21,703
43,222
Depreciation
Finance and
Forex cost
Finance and
Forex income
Reportable
segment
profit/(loss)
before tax
Taxation
(468)
(109)
–
–
(456)
(1,022)
13
(154)
(1)
Total other incomes and expenses
(578)
(1,620)
Year ended 30 June 2022
South African Recovery Operations
West African Recovery Operations
Mining and Exploration
Administration
Intercompany trade and consolidation journals
(451)
(132)
–
–
–
(672)
(551)
(4)
(562)
162
Total other incomes and expenses
(583)
(1,627)
(13)
597
–
155
739
546
(657)
1
–
(146)
(256)
2,808
1,965
(214)
871
(2,006)
3,424
4,648
3,089
(58)
3,667
(5,514)
5,832
96
(355)
(7)
(90)
–
(356)
(1,291)
(463)
(3)
(69)
(42)
(1,868)
65
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements 29.4 Assets and liabilities
Figures in £'000
Year ended 30 June 2023
South African Recovery Operations
West African Recovery Operations
South American Recovery Operations
Administration
Intercompany trade and consolidation journals
Total assets and liabilities
Year ended 30 June 2022
South African Recovery Operations
West African Recovery Operations
Administration
Intercompany trade and consolidation journals
Total assets and liabilities
30. Related parties
Other related parties
Entity name
Gold Mineral Resources Limited
Goldplat Recovery (Pty) Ltd
Gold Recovery Ghana Limited
Anumso Gold Limited
Nyieme Gold SARL
Midas Gold SARL
Gold Recovery Brasil Recuperacao
Gold Recovery Peru SAC
GRG Tolling Ltd
Segment total
assets
Segment total
liabilities
27,124
30,550
253
21,723
(16,166)
63,484
21,661
11,569
20,825
(16,484)
37,571
2023 Holding
2022 Holding
100%
91%
100%
49%
100%
100%
100%
100%
100%
Direct
Direct
Indirect
Indirect
Indirect
Indirect
Direct
Indirect
Indirect
16,206
29,047
492
278
208
46,231
9,510
9,734
92
431
19,768
Direct
Direct
Indirect
Indirect
Indirect
Indirect
Direct
Indirect
Indirect
2022
334
489
(120)
1
1
–
138
275
15
149
100%
91%
100%
49%
100%
100%
100%
100%
100%
2023
679
91
(149)
–
–
–
1
150
17
141
Major inter-company transactions
Nature of transaction
Goldplat Recovery to Gold Recovery Ghana
Goods, equipment and services supplied
Goldplat Recovery to Gold Mineral Resources
Goods, equipment and services supplied
Goldplat Recovery to Gold Mineral Resources
Interest received
Goldplat Recovery to NMT Capital
Goldplat Recovery to NMT Group
Management fees
Managements fees
Goldplat Plc to Gold Mineral Resources
Management fees
Goldplat Recovery to Aurelian Capital
Trade and other payables
Goldplat Recovery to Aurelian Capital
Dividends Receivable - Aurelian
Goldplat Recovery to Aurelian Capital
Management fees
Goldplat Plc
Directors
31. Subsequent events
There are no events subsequent to 30 June 2023 that will have a material effect on the consolidated financial statements.
66
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2023Notes to the Consolidated and Separate Financial Statements Continued 32. Going concern
The directors assessed that the Group is able to continue in business for the foreseeable future with neither the intention nor the
necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws or regulations.
The assessment of the going concern assumption involves judgement, at a particular point in time, about the future outcome of
events or conditions which are inherently uncertain.
The judgement made by the directors included the availability of and the ability to secure material for processing at its plants in
South Africa and Ghana, the impact of loss of key management, outlook of commodity prices and exchange rates in the short to
medium term and changes to regulatory and licensing conditions.
During the year the Group maintained all our suppliers in South Africa and Ghana for by-product material and also increased our
footprint in the South American market. Further progress has been made in securing additional contracts in West Africa.
With the secured supplier base and more than 5 years of surface sources on site or on contract, management believes that it will be
in a position to operate sustainably for the foreseeable future.
For the 2023 financial year, the Group achieved positive operating profits.
The Department of Water and Sanitation of the Republic of South Africa recently authorised the water use by GPL, which includes the
extraction and use of water in its recovery processes and the impact of its disposal of tailings on a new tailings' storage facility ("TSF"),
according to the conditions set out in the license, which is valid for 12 years.
The new TSF has been commissioned. The new TSF will have sufficient capacity to store the tailings we will produce in our current
operations for the next seven to eight years.
Ghana's EPA and gold export license were also recently renewed for another 3 years.
To assess the ability of the Group to continue as a going concern, management also need to assess GPL's ability to meet all relevant
covenants, for the foreseeable future, in regards with the South African Rand Denominated bank facility of ZAR60 million.
For the past financial year, GPL met all of its covenant requirements. At the statement of financial position date, GPL still had
GBP1.2 million outstanding on the facility.
The Group's forecasts and projections to 31 December 2024, taking account of reasonably possible changes in trading performance,
commodity prices and currency fluctuations, indicates that the Group should be able to operate within the level of its current cash
flow earnings forecasted for at least the next twelve to fourteen months from the date of approval of the financial statements.
The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the
foreseeable future, thus continuing to adopt the going concern basis of accounting in preparing the annual financial statements.
67
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements 33. Financial risk management
The Group is exposed through its operations to the following financial risks:
• Credit risk
• Interest rate risk
• Foreign exchange risk
• Gold price risk, and
• Liquidity risk
The Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies and
processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these
risks is presented throughout these financial statements.
There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies and processes
for managing those risks or the methods used to measure them from previous years unless otherwise stated in this note.
(i) Principal financial instruments
The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:
• Trade receivables
• Cash and cash equivalents
• Investments in quoted and unquoted equity securities
• Trade and other payables
• Bank overdrafts
• Floating-rate bank loans
(ii) Financial instruments by category
Financial assets
Receivable on Kilimapesa sale (Note 8)
Other loans and receivables (Note 10)
Trade and other receivables excluding non-financial assets (Note 12)
Cash and cash equivalents (Note 13)
Total financial assets
Financial liabilities
Trade and other payables (Note 20)
Interest bearing borrowings (Note 18)
Total financial liabilities
Fair value through profit or loss
Amortised cost
2023
GBP'000
2022
GBP'000
–
–
–
–
–
–
–
–
–
–
2023
GBP'000
601
164
28,935
2,977
32,677
Fair value through profit or loss
Amortised cost
2023
GBP'000
2022
GBP'000
–
–
–
–
–
–
2023
GBP'000
43,196
898
44,094
2022
GBP'000
698
197
9,340
3,895
14,130
2022
GBP'000
14,971
978
15,949
(iii) Financial instruments not measured at fair value
Financial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other
payables, and loans and borrowings. Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other
receivables, and trade and other payables approximates their fair value.
68
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2023Notes to the Consolidated and Separate Financial Statements Continued General objectives, policies and processes
The Board has overall responsibility for the determination of the Group's risk management objectives and policies and, whilst
retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the
effective implementation of the objectives and policies to the Group's finance function. The Board receives monthly reports through
which it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies it sets.
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's
competitiveness and flexibility. Further details regarding these policies are set out below:
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual
obligations. The Group is mainly exposed to credit risk from sales to large refiners and smelters.
Credit risk also arises from cash and cash equivalents and deposits with banks and financial institutions. For banks and financial
institutions, only reputable banks in the jurisdiction we operated are used.
Further disclosures regarding trade and other receivables, which are neither past due nor impaired, are provided in note 12.
Cash in bank
A significant amount of cash is held with the following institutions:
Nedbank Limited
First National Bank Ghana Limited
Stanbic Bank Ghana Limited
BICIAB
Barclays Bank Limited
HSBC UK PLC
BBVA BANCO CONTINENTAL
ITAÚ UNIBANCO S.A.
Cash on hand
Note 13
30 June 2023
Cash at bank
30 June 2022
Cash at bank
GBP'000
GBP'000
410
2,341
6
–
1
5
6
–
13
2,782
773
2,879
6
–
154
15
3
51
14
3,895
At the reporting date the board does not expect any losses from non-performance by the counterparties. For all financial assets to
which the impairment requirements have not been applied, the carrying amount represents the maximum exposure to credit loss.
Market risk
Market risk arises from the Group's use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the
fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign
exchange rates (currency risk) or other market factors, specifically the price of gold.
Interest rate risk
The Group is exposed to cash flow interest rate risk from long-term borrowings and finance leases at variable rate. Due to the low net
debt-to-cash and net debt-to-equity ratio the board sees as this exposure to me limited and hence have not fixed any of the variable
rates it is exposed to.
During 2023 and 2022, the Group's borrowings at variable rate were mainly denominated in ZAR.
Foreign exchange risk
Foreign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their
functional currency. The Group's policy allows group entities to settle liabilities denominated in their functional currency or other
functional currency with the cash generated from their own operations in the respective currencies.
The Group is predominantly exposed to currency risk on purchases and sales made from a major supplier based in USD.
69
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements As of 30 June the Group's net exposure to foreign exchange risk was as follows:
GBP
GHS
Functional currency of
individual entity
ZAR
Total
30 June
2023
GBP'000
30 June
2022
GBP'000
30 June
2023
GBP'000
30 June
2022
GBP'000
30 June
2023
GBP'000
30 June
2022
GBP'000
30 June
2023
GBP'000
30 June
2022
GBP'000
Net foreign currency financial
assets/(liabilities)
USD
Total net exposure
606
606
887
887
1,454
1,454
2,426
2,426
10,702
10,702
3,457
3,457
12,762
12,762
6,770
6,770
The Group highest exposure is against the USD, specifically between the USD and GHS, as well as USD and ZAR.
The effect of a 20% strengthening or weakening of the USD against GHS and ZAR at the reporting date on the USD denominated net
foreign currency financial assets/(liabilities), at that date would, if all other variables held constant, will impact on the post-tax profit
for the year and the net assets asset-out below:
GBP
GHS
Functional currency of
individual entity
ZAR
Total
30 June
2023
GBP'000
30 June
2022
GBP'000
30 June
2023
GBP'000
30 June
2022
GBP'000
30 June
2023
GBP'000
30 June
2022
GBP'000
30 June
2023
GBP'000
30 June
2022
GBP'000
121
121
(121)
(121)
177
177
(177)
(177)
247
247
(247)
(247)
412
412
(412)
(412)
1,930
1,930
(1,930)
(1,930)
520
520
(520)
(520)
2,298
2,298
(2,298)
(2,298)
1,110
1,110
(1,110)
(1,110)
20% Strengthening of the USD
– Post-tax profit Increase
– Net Asset Increase
20% Weakening of the USD
– Post-tax profit Decrease
– Net Asset Decrease
Gold price risk
Some of the Group financial assets and liabilities valuation is link to the price of gold and the future cashflows relating to these
assets and liabilities remain exposed to the fluctuation in the gold price. The Group does not enter into gold contracts to manage the
exposure to the fluctuation in Gold Prices, but aim to settle suppliers at similar gold prices than what it received, where possible. The
exposure to gold price and the level of such exposure will be different from contract to contract.
As of 30 June the Group's net exposure to Gold Price risk was as follows:
Financial assets exposed to gold price risk
Financial liabilities exposed to gold price risk
Total net exposure
GBP
30 June 2023
GBP'000
30 June 2022
GBP'000
27,358
(17,942)
9,416
10,807
(8,298)
2,509
The effect of a 20% strengthening or weakening of the Gold Price at the reporting date net foreign currency financial assets/(liabilities)
exposed to gold price, at that date would, all other variables held constant, on the post-tax profit for the year and decrease of net assets
as been set-out below:
20% Strengthening of the Gold price
– Post-tax profit Increase
– Post-tax profit Increase
20% Weakening of the Gold price
– Post-tax profit Decrease
– Post-tax profit Decrease
70
30 June 2023
GBP'000
30 June 2022
GBP'000
1,709
1,709
(1,709)
(1,709)
370
370
(370)
(370)
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2023Notes to the Consolidated and Separate Financial Statements Continued Liquidity Risk
Liquidity risk arises from the Group's management of working capital and the finance charges and principal repayments on its debt
instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group's
policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim,
it seeks to maintain cash balances (or agreed facilities) to meet expected requirements.
The Board receives rolling 3 to 6 months cash flow projections on a monthly basis as well as information regarding cash balances.
At the end of the financial year, these projections indicated that the Group expected to have sufficient liquid resources to meet its
obligations under all reasonably expected circumstances.
The liquidity risk of each group entity is managed independently by the entity and Group management. The liquidity requirements
fluctuate continuously based on volume and value of contract signed or in the pipeline, as well as the terms of the contracts.
The liquidity requirements need to therefore be managed per contract and trading requirements and cannot just be forecasted
12 months in advance.
The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities:
At 30 June 2023
Trade and other Payables
Loans and borrowings
Lease liabilities
Total
At 30 June 2022
Trade and other Payables
Loans and borrowings
Lease liabilities
Total
Capital Disclosures
Up to 3 Months
GBP'000
Between
3 and 12 months
GBP'000
Between
1 and 2 years
GBP'000
Between
2 and 3 years
GBP'000
43,196
213
43
43,452
–
685
94
779
–
285
39
324
–
–
–
–
Up to 3 Months
GBP'000
Between
3 and 12 months
GBP'000
Between
1 and 2 years
GBP'000
Between
2 and 3 years
GBP'000
15,033
244
65
15,342
–
734
194
928
–
1,261
108
1,369
–
156
2
158
The Group monitors "adjusted capital" which comprises all components of equity (i.e. share capital, share premium, non-controlling
interest, retained earnings, and revaluation reserve).
The Group's objectives when maintaining capital are:
• to safeguard the Group's ability to continue as a going concern, so that it can continue to provide returns for shareholders and
benefits for other stakeholders, and to
• to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk.
The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes
adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to
maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to
shareholders, issue new shares, or sell assets to reduce debt.
Due to the nature of the business the Group's, the Group's strategy is to preserve a strong cash base and maintain low/negative
debt-to-capital ratios. The cash requirements is managed on subsidiary level based on cash requirements in regards with trading
activities.
As a result, the debt-to-capital ratios at 30 June 2023 and at 30 June 2022 remains negative and were as follows:
Loans and borrowings
Lease liabilities
Less: cash and cash equivalents
Net debt
Total equity
Debt to adjusted capital ratio
30 June 2023
30 June 2022
GBP'000
GBP'000
1,183
176
(2,782)
(1,423)
17,253
-8%
2,395
370
(3,895)
(1,130)
16,862
-7%
71
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements 34. Cash flows from operating activities
Figures in £'000
Profit for the year
Adjustments for:
Income tax expense
Finance Expense
Depreciation
Impairment of intangible assets
Amortisation of right-of-use asset
Increase in value of receivable of Kilimapesa sale
Revaluation of the Kilimapesa receivable
Profit/Loss on sale of property, plant and equipment
Foreign Translation Movements
Share-based payment expense
Change in operating assets and liabilities:
Adjustments for increase in inventories
Adjustments for decrease / (increase) in trade and other receivables
Adjustments for increase / (decrease) in trade and other payables
Adjustments for increase / (decrease) in provisions
Net cash flows from operations
Significant non-cash transactions from investing activities are as follows:
Acquisition of Right-of-Use Assets
Depreciation on property, plant & equipment
Transfers of Right-of-Use Assets to property, plant & equipment
Revaluation of Kilimapesa receivable
35. Ultimate controlling party
Group
2023
3,068
356
1,170
507
63
71
–
97
2
284
–
(11,151)
(21,498)
31,611
(69)
4,511
Group
2022
3,963
1,868
1,884
509
–
76
7
–
53
101
11
(4,473)
1,191
1,049
232
6,471
Company
2023
969
90
(31)
–
–
–
–
–
–
–
–
–
(145)
196
–
1,079
Company
2022
4,286
69
41
–
–
–
–
–
–
–
–
–
167
(27)
–
4,536
2023
GBP'000
2022
GBP'000
2023
GBP'000
2022
GBP'000
170
507
230
97
299
509
219
–
–
–
–
–
–
–
–
–
Goldplat PLC is a listed entity and the shares are held by various shareholders, none of it more than 30% and therefore, no ultimate
controlling entity exists.
72
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2023Notes to the Consolidated and Separate Financial Statements Continued General Information
Company Number
05340664
Directors
Registered Office
Independent Auditor's
Company Secretary
Registrars
Werner Klingenberg
Sango Ntsaluba
Gerard Kisbey Green
Martin Ooi
Gerard Kemp
Salisbury House, London Wall
London, EC2M 5PS,
United Kingdom
PKF Littlejohn LLP
15 Westferry Circus
London E14 4HD
United Kingdom
Druces LLP
Salisbury House, London Wall,
London EC2M 5PS
United Kingdom
Share Registrars Limited
3 The Millennium Centre
Crosby Way
Farnham
Surrey
GU9 7XX
Website
www.goldplat.com
73
Goldplat PLC / Annual Report and Accounts 2023Chairman's StatementCEO ReportCFO ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Notes
74
Goldplat PLC / Annual Report and Accounts 2023 Index
Chairman's Statement
CEO Report
CFO Report
The Board and Executive Management
Directors' Report
Statement of Directors’ Responsibilities
Strategic Report
Environmental and Social Report
Independent Auditor's Report
Statements of Financial Position - Group and Company
Statements of Profit or Loss and Other Comprehensive Income - Group
Statement of Changes in Equity - Group
Statement of Changes in Equity - Company
Statements of Cash Flows - Group and Company
Accounting Policies
Notes to the Consolidated and Separate Financial Statements
General Information
Page
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2
6
10
12
16
17
28
31
37
39
40
41
42
43
51
73
GOLDPLAT PLC
ANNUAL REPORT
2023
REGISTERED OFFICE
Salisbury House, London Wall,
London, EC2M 5PS,
United Kingdom
Email: info@goldplat.com
WWW.GOLDPLAT.COM
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